Move Over U.S. Dollar China Yuan Being Accepted in African Banks
Daisy Luther
Chinese Ambassador to Kenya Liu Xianfa has underscored the east African country’s significance being its largest trading partner. Ambassador Liu who spoke Friday during a reception to mark the country’s 67th anniversary of the founding of the People’s Republic of China said Kenya is now the centre of Chinese media in Africa, and one of the most popular destinations for Chinese tourists.’
“China and Kenya are keen on investing strategic and long-term significance in bilateral relations,” the ambassador said, at a colourful ceremony held at the embassy in Nairobi, and which was attended by local and international dignitaries-including Senate Speaker Ekwe Ethuro. The envoy said pragmatic cooperation has enabled China and Kenya to achieve new breakthroughs, citing the massive investments in the country funded by the Chinese government – including – the Standard Gauge Railway under construction from Mombasa to Nairobi.
In 2015, bilateral volume between the two countries reached a new high of USD6 billion, twice as much as that of 2013. “China has become Kenya’s largest trading partner, investor and contractor,” Ambassador Liu said. China has now started cooperation on direct currency exchange with Kenya. New statistics show that China and Africa have signed over 243 cooperation agreements valued at USD50.7 billion since the Africa-China summit was held in South Africa Beijing.
Besides trade, the two countries are cooperating on:
http://allafrica.com/stories/201609190566.html
CFC Stanbic becomes first Kenyan bank to issue Chinese currency
Zimbabwe To Make Chinese Yuan Legal Currency After Beijing Cancels $40m Debts
Zimbabwe central bank begins printing own currency as US dollars run out
China Investment in Africa
SEE ALL THE VIDEOS HERE:
http://investmentwatchblog.com/move-over-u-s-dollar-china-yuan-being-accepted-in-african-banks/