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China to set up yuan clearing system in S Africa 2015-08-25
China's central bank on Tuesday signed a memorandum ofunderstanding (MOU) with its South African counterpart to set up a yuan clearing system inSouth Africa. The MOU is for the purposes of clearing and settlement of yuan in South Africa, said theSouth African Reserve Bank (SARB).
 
"Both central banks agreed to coordinate and cooperate on the supervision, oversight andclearing of renminbi (Chinese currency) in South Africa and also to exchange information inorder to facilitate the continuous improvement and development of bilateral trade," saidCandice Jeffreys, Media Coordinator of the SARB. The MOU marks another important milestone through joint efforts to build capabilities in SouthAfrica's financial markets to better serve bilateral trade, investment and financial flowsbetween China and South Africa, Jeffreys said.
 
China is now South Africa's largest export partner. The move will expand the list of countries with direct access to trade in the Chinese currency.



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