Cfc Stanbic Bank availing Chinese currency across its branches to facilitate Kenya and China trade
13th July, 2016
Cfc Stanbic Bank is now availing Chinese currency across its branches to facilitate trade between Kenya and China. The first such transaction was made Wednesday morning by the Chinese Ambassador to Kenya his .excellency Dr Liu Xianfa at an event held at the bank’s headquarters in Chiromo in Nairobi. **********The availability of the yuan currency at Cfc Stanbic branches is expected to enhance business operations for Chinese enterprises as well as ease access to funds for Chinese tourists coming into the country. China was Kenya’s number one trading partner in 2014 and 2015. Although the total imports to Kenya dropped globally between 2014 and 2015, imports from china increased 21%. Cfc Stanbic will also have a dedicated Chinese desk. Other banks that have made a major foray into the Chinese currency market include Equity Bank and Diamond Trust Bank.