CfC Stanbic avails Yuan currency to boost Kenya-China trade

NAIROBI, KENYA:  CfC Stanbic bank has unveiled Chinese currency - the yuan at its branches to facilitate trade between Kenya and China.

The first transaction was made on Wednesday morning by the Chinese Ambassador to Kenya Liu Xianfa at an event held at the bank’s headquarters in Chiromo.

“The levels of Chinese investments in Kenya continue to rise and there is need to facilitate cross-border business between the two countries with a unique foreign currency proposition. The availability of the Yuan currency at CfC Stanbic branches is one such offering and is expected to enhance business operations for Chinese enterprises as well as ease access to funds for Chinese tourists coming into the country,” said CfC Stanbic Bank Chief Executive Philip Odera.

In recent years, China has become a major destination for a range of African exports as well as an increasingly significant source of a wide range of manufactured goods imported by many African countries. To this end, CfC Stanbic Bank is positioning itself to be the financial partner of choice for Chinese investors and Kenyans with business interests in the Asian nation.

China was Kenya’s number one trading partner in 2014 and 2015. Although the total imports to Kenya dropped globally between 2014 and 2015, the imports from China increased 21 per cent. The exports from Kenya to China increased 30 percent and the total trade between China and Kenya increased 21 percent.