Chinese currency to boost Kenya’ economy, says bank lobby

by Xinhua

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NAIROBI – Kenya’s umbrella body of the banking industry on Monday said that greater convertibility of the Chinese currency, yuan, will boost the East African nation’s economic growth.

Kenya Bankers Association (KBA) CEO Habil Olaka told Xinhua in Nairobi that the renminbi has gained importance because of the significance of China in the global trade.

“Kenya’s economy is now benefiting as more and more banks are now offering Chinese yuan,” Olaka said during a workshop on new International Financial Reporting Standards 9 (IFRS 9) regulations.

Kenyan banks are set to begin implementing the IFRS 9 beginning in January.

Olaka noted that more and more banks are embracing the Chinese yuan as Sino-Kenya trade increases.

“The influence of the Chinese is being felt globally and therefore it would not be prudent to ignore the yuan,” Olaka said.

In 2016, the International Monetary Fund (IMF) added the Chinese yuan into its basket of reserve currencies.

“We are encouraging our members to adopt the use of yuan in order to ease trade with our biggest trading partner,” Olaka said.

He said at least 10 out of Kenya’s 42 banks have the Chinese yuan available over the counter.

According to KBA, banks facilitate trade and have therefore embraced the Chinese currency in order to bring convenience to their customers.

Olaka noted that before the availability of the yuan in Kenya, traders were required to convert the Kenyan shilling to U.S. dollars and then to yuan.

“This increased the cost of trading between Kenya and China and so banks with Chinese yuan counters have helped to promote Sino-Kenya trade,” he said.

1 COMMENT

  1. Subject: “Chinese currency to boost Kenya’ economy, says bank lobby”, by Xinhua, Sep 25, 2017

    Commentary, 25 Sept 2017 It is not surprising at all. The take over of Africa by Imperial China is a story of ‘yesterday’, as Africa had no idea that sleek Imperial China was taking over Africa, in totality – from business, to colonialism in EDUCATION and in everything else. After that, it is a smooth take over of the foundation and adios! to Liberty, Freedom, Independence of THE AFRICAN CHILD. As a corollary, the Mighty Chinese currency, yuan will take over and the Yankee Dollar finds a new place with the crowed. Globally, Imperial China will take over.

    After that, new WIND of Life for Africa will breathe in from the Eastern Direction. Africa, the source of boundless RESOURCES and vast ground, will continue to be a pony of MIGHTY NEW power and will always remain so because it has already LOST its inner fiber of DIGNITY, making it the play ground of the World, with the ever obedient docile poor SLAVES.

    Unbelievable and ridiculous as it may be the ENABLERS for such destruction of a rich Continent is no one else but the INDIGENOUS AFRICAN DICTATORS as well as the SELL-OUT OF WESTERN EDUCATED AFRICAN INTELLECTUALS WITH USELESS PAPERS ENTITLED DOCTOR OF PHILOSOPHY DEGREE.

    CRY, YOUR HEART OUT, MY BELOVED AFRICA – as it is the ONLY option left for YOU on Mother EARTH. THE END

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