Wednesday, September 18, 2013

Kenya looking to host Africa's first yuan clearing house - to cut need for dollar settlements

(Reuters) - Kenya wants to host a clearing house for China's yuan currency - a bold African first that would deepen the continent's ties with Beijing, already a big investor from The Cape to Cairo.

Such a venture would not eclipse the dollar in Africa anytime soon, however, because the yuan is tightly managed and traders are wedded to the greenback's flexibility.

African businesses can already get quotes for their currencies against the yuan . A clearing house would cut the need for

More details here...

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