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African banks set up shop in China as Beijing pushes for yuan to eclipse U.S. dollar
By Jevans Nyabiage
South China Morning Post, Hong Kong
Saturday, December 7, 2024
Africa's top lenders are opening branches in major Chinese cities in a race to tap into growing trade ties between China and Africa amid Beijing's push for yuan-based transactions.
This is despite threats from the United States, where president-elect Donald Trump has said he will impose 100% tariffs on BRICs countries that pursue de-dollarisation.
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In October, The Access Bank UK, a subsidiary of Nigeria's Access Bank, opened a Hong Kong branch to "foster stronger economic ties between Asia and Africa" under China's multibillion-dollar Belt and Road Initiative, according to bank executives.
It came a few months after South Africa-based Absa Group, one of Africa's largest lenders, opened its new non-banking subsidiary in Beijing.
Absa said the new office would provide general advisory services to clients in China for conducting transactions across Africa, with the lender positioning itself "as a facilitator of trade flows into Africa." ...
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