It was learned from the Department of Commerce of Hunan Province on
December 1 that, Hunan Province has made positive progress in
accelerating the China-Africa Cross-border RMB Center construction. It
has been included by the provincial government as one of the eight key
support platforms for the provincial economic and trade cooperation
mechanism with Africa, and has become a major construction project in
the Pilot Zone for In-depth China-Africa Economic and Trade Cooperation. The China-Africa Cross-border RMB Center is a major financial
achievement of the first China-Africa Economic and Trade Expo held in
Changsha in 2019. It was approved by ICBC’s head office and established
in ICBC Hunan Branch, aiming at improving the ability of cross-border
financial services to Africa. It integrates such functions as policy
research, product innovation, cross-border RMB clearing, investment and
financing, transaction banking, large retail, information services, and
cross-border RMB training. Since its establishment, it has successively hosted the “2020
Africa-China Matchmaking on Agri-products”, “2021 Conference for Chinese
and African Suppliers and Buyers”, “China-Africa Financial Cooperation
Dialogue” and many other major conferences and economic and trade
consultation activities, based on the ICBC independently-developed ICBC
Business Matchmaker Platform. The China-Africa Economic and Trade Expo
official information platform, jointly established with the Department
of Commerce of Hunan Province, has provided information consultation,
project information, economic and trade matchmaking and foreign
management policies, and financial service and guidance for China-Africa
economic and trade enterprises. The Standard Bank of South Africa is the largest commercial bank on the
African continent, and ICBC is its largest single shareholder. The
China-African Cross-border RMB Center takes advantage of this linkage to
actively serve African-related enterprises. For example, in the first
three quarters of this year, it has provided Lianyuan and Xiangtan iron
and steel companies of Valin Group, Minmetals Copper (Hunan) Co., Ltd.,
and other companies with financial support for importing iron ore and
other raw materials from Africa. Import letters of credit equivalent to
more than 6.5 billion RMB have been issued, and 11 guarantees have been
issued, equivalent to 106 million RMB, and involving 5 African
countries. The center has continued to promote the opening of RMB clearing accounts
with African correspondent banks, and cooperated with many African
banks in RMB accounts. The business of spot foreign exchange settlement
and sale for the public in 6 African countries including South Africa,
Nigeria, Ghana, Kenya, Botswana, and Zambia has been opened to provide
convenience for and avoid exchange rate risks for African-related
companies. Translator: Yu Jiangjiang
Hunan strengthens China-Africa cross-border RMB center construction
Editor:阮梓峰
Source:hunan.gov.cn
Updated:2021-12-03 16:38:16
Source:hunan.gov.cn
Updated:2021-12-03 16:38:16
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