Could Africa’s long-term trading currency be the renminbi?

By Philip Panaino, Regional Head, Transaction Banking, Africa & Middle East, Standard Chartered

SUMMARY

With the Belt and Road initiative fostering financial cooperation and trade in Africa, it makes economic sense for countries along the modern “Silk Road” to use the Chinese currency. The deepening trade relationship between China and Africa clearly points to a long-term story in which the RMB will play a more strategic role in facilitating cross-border trade.

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