News

Standard Bank Group offers settlements in Chinese currency.
19 October 2010

Standard Bank Group (SBG) now offers its clients the means to make payments in Renminbi (RMB), the official currency of the People's Republic of China, when importing goods from there and receive RMB proceeds in their account when exporting to China. 

RMB accounts may be opened in South Africa for import and export payments with enterprises in designated provinces and cities in China. The areas include Beijing, Tianjin, Inner Mongolia, Liaoning, Shanghai, Jiangsu, Zhejiang, Fujian, Shandong, Hubei, Guangdong, Guangxi, Hainan, Chongqing, Sichuan, Yunnan, Jilin, Heilongjiang, Tibet and Xinjiang. 

Trade with China and Africa has seen massive growth in the last decade, and Standard Bank Group is uniquely placed to assist in the two-way trade flows between the two. 

The service has been made possible through Standard Bank Group's strategic alliance with the Industrial and Commercial Bank of China, and now enables Standard Bank clients to mitigate their exposure to the US Dollar or other foreign currencies. 

Standard Bank Group has dealing rooms and trade facilities in London, Hong Kong, New York and Johannesburg. These facilities allow for around-the-clock service and also provide end-to-end expertise. 

Clients involved in cross-border trade with China will be able to denominate their transactions with China in RMB, reducing risk for the importer/exporter and thereby potentially improving the competitiveness and stability of pricing. 

In nominal terms, Africa's trade with China has doubled every three years since 2000. Trade with China currently accounts for more than two thirds of Africa's trade with BRIC (Brazil, Russia, India, China). 

Call Standard Bank Group on +27 11 378 8050 (or 08000 36739 within South Africa) or email  forex@standardbank.co.za  for more information on this service.

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