In Zambia China names Bank of China as yuan clearing bank

The People's Bank of China (PBOC) said on Tuesday that it had signed a memorandum of understanding on yuan clearing with Zambia's central bank.

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A man is silhouetted in front of a Bank of China's logo at its branch office in Beijing July 14, 2014. REUTERS/Kim Kyung-Hoon play A man is silhouetted in front of a Bank of China's logo at its branch office in Beijing July 14, 2014. REUTERS/Kim Kyung-Hoon
Zambia's Finance Minister Alexander Chikwanda at the State House in the capital Lusaka in a file photo. REUTERS/Mackson Wasamunu play Zambia's Finance Minister Alexander Chikwanda at the State House in the capital Lusaka in a file photo. REUTERS/Mackson Wasamunu
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China's central bank said on Wednesday that it had appointed the Bank of China, the country's fourth-largest bank, to clear yuan transactions in Zambia.

The People's Bank of China (PBOC) said on Tuesday that it had signed a memorandum of understanding on yuan clearing with Zambia's central bank.

Zambia is the second largest producer of Copper in Africa play

Zambia is the second largest producer of Copper in Africa

(thechinamoneyreport)

 

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In a separate statement, PBOC said it had signed an agreement with its Kyrgyzstan counterpart to boost cooperations on currency swap and promote the use of local currencies for payment settlement.

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