Chinese Ambassador to Kenya Liu Xianfa (L) and The Chief Executive of Kenya’s CFC Stanbic Bank Philip Odera attended the launching ceremony at the headquarter of CFC Stanbic Bank in Nairobi, capital of Kenya on the thirteenth of july 2016. Kenya’s CFC Stanbic Bank on Wednesday became the first bank in the country to avail the Chinese currency,the yuan, at its branches to facilitate and simplify capital exchange/trade between China and Kenya.
“The levels of Chinese investments in Kenya continue to rise and there is need to facilitate cross-border business between the two countries with a unique foreign currency proposition. The availability of the Yuan currency at CfC Stanbic branches is one such offering and is expected to enhance business operations for Chinese enterprises as well as ease access to funds for Chinese tourists coming into the country,” said CfC Stanbic Bank Chief Executive Philip Odera.
In recent years, China has become a major destination for a range of African exports as well as an increasingly significant source of a wide range of manufactured goods imported by many African countries. To this end, CfC Stanbic Bank is positioning itself to be the financial partner of choice for Chinese investors and Kenyans with business interests in the Asian nation.
China was Kenya’s number one trading partner in 2014 and 2015. Although the total imports to Kenya dropped globally between 2014 and 2015, the imports from China increased 21 per cent. The exports from Kenya to China increased 30 percent and the total trade between China and Kenya increased 21 percent.
Chinese Ambassador to Kenya Liu Xianfa (L) exchanges Chinese currency RMB into Kenyan Shilling at the headquarter of Kenya’s CFC Stanbic Bank in Nairobi, capital of Kenya, July 13, 2016. Kenya’s CFC Stanbic Bank on Wednesday became the first bank in the country to avail the Chinese currency, yuan, at its branches to facilitate trade between China and Kenya.