Kenyan bank avails Chinese yuan to boost China-Kenya trade

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.

The trading facility aims to reduce financial intermediaries in the foreign currency trading. CFC Stanbic is a member of the Standard Bank Group which is 20 percent owned by the Industrial and Commercial Bank of China (ICBC).

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