Posted on 10/20/2013 9:08:11 PM PDT by TexGrill
China's currency Renmimbi (RMB) can be expected to settle 15 percent of the trade between China and South Africa and China and Africa from 2016. A brave prediction, but one which Bank of China (BOC) Johannesburg Branch CEO Qiu Zhikun is confident will transpire.
The forecast was made in Johannesburg at the inaugural 2013 First South Africa-China Capital Market Forum, held in August to focus on collaborative opportunities in the counties' capital markets.
RMB in Africa
BOC Johannesburg Branch first offered RMB services in Africa in 2010, accumulating to a current total of 3.35 billion yuan ($547 million). The RMB services include settlement, clearing, loans, deposits and exchange. The bank has since opened more than 1,000 RMB-based accounts across 20 countries in Africa.
In the first quarter of 2013, BOC Johannesburg's RMB business volume in Africa reached 370 million yuan ($60.5 million), a 298-percent increase over the previous year. This figure accounted for 4.4 percent of the bank's $1.4 billion total trade settlement volume during that period. Based on this trend, the business can be expected to reach 900 million yuan ($147 million) through the remainder of 2013, BOC Johannesburg Deputy Manager Li Feng told ChinAfrica.
Figures from China Construction Bank (CCB) Johannesburg Branch, which also began providing RMB services in 2010, reported similar growth in RMB-funded services.
(Excerpt) Read more at chinafrica.cn ...
At a time when Yellen is slated to turbocharge the printing press - not a good combination.
Thanks TexGrill.
That’s what the leftist fifth column in DC is planning, of course—the demise of the USD as the world’s reserve currency.
You know you can leave that last field blank.
Global business tip
I’m not sure it’s their fault exclusively.
No, not exclusively. And I daresay they don’t see it as a fault.
Democrats will suffer just as much as Republicans should the dollar collapse, probably more. There won’t be money to pay for welfare or warfare once the interest rates start climbing.
The liberal politicians will be surprised indeed when the foreign concerns they were working for won’t come to rescue them personally.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.