StanChart Promotes Internationalisation of Chinese Currency

This week, experts from Standard Chartered’s China region will host a roadshow to Kenya, Nigeria and South Africa to outline the benefits and investment opportunities China’s latest ‘One Belt One Road’ initiative and global currency, the Renminbi, bring to the continent.
The roadshow was timed with the Renminbi’s officiation into the International Monetary Fund’s (IMF) ‘Special Drawing Rights (SDRs) list of global currencies, effective 1 October 2016.
A statement from the international bank explained that Standard Chartered had been at the forefront of the journey towards recognisng the Chinese currency, by  partnering with Chinese authorities and supporting global clients in leveraging the opportunities the Renminbi and investment partnerships bring.
China’s ‘One Belt, One Road’, is a development strategy launched by the Chinese government in 2013.
A member of the bank’s delegation and Standard Chartered’s Head of Renminbi Solutions for Corporate and Institutional Banking, Carmen Ling said: “One Belt One Road’ aims to promote cooperation between more than 60 countries along the route, in key areas such as policy coordination, infrastructure, trade relations, financial integration and intercultural exchange.  With a presence in Africa, Asia and the Middle East, Standard Chartered has the products, insight and experience to support and guide governments and corporate clients on how they may benefit from China’s ongoing investment and trade.”
According to him, 68 per cent of Standard Chartered’s global markets across Africa, Asia and the Middle East stand to benefit from China’s ‘One Belt One Road’ network – 16 of those markets are in Africa.
Also, Standard Chartered’s Regional Chief Executive Officer for Africa and the Middle East, Sunil Kaushal said the bank has more than 150 years of experience and a well-established network in the China-Africa corridor.