By Ronald Njoroge NAIROBI (Xinhua) --
Kenya’s umbrella body of the banking industry on Monday said that
greater convertibility of the Chinese currency, yuan, will boost the East
African nation’s economic growth.
Association (KBA) CEO Habil Olaka told Xinhua in Nairobi that the renminbi has
gained importance because of the significance of China in the global trade.
economy is now benefiting as more and more banks are now offering Chinese yuan,”
Olaka said during a workshop on new International Financial Reporting Standards
9 (IFRS 9) regulations.
are set to begin implementing the IFRS 9 beginning in January.
that more and more banks are embracing the Chinese yuan as Sino-Kenya trade
influence of the Chinese is being felt globally and therefore it would not be
prudent to ignore the yuan,” Olaka said.
In 2016, the
International Monetary Fund (IMF) added the Chinese yuan into its basket of
encouraging our members to adopt the use of yuan in order to ease trade with our
biggest trading partner,” Olaka said.
He said at
least 10 out of Kenya’s 42 banks have the Chinese yuan available over the
KBA, banks facilitate trade and have therefore embraced the Chinese currency in
order to bring convenience to their customers.
that before the availability of the yuan in Kenya, traders were required to
convert the Kenyan shilling to U.S. dollars and then to yuan.
increased the cost of trading between Kenya and China and so banks with Chinese
yuan counters have helped to promote Sino-Kenya trade,” he said.