The Bank of China plans to use its office in Zambia to increase trade using renminbi with the southern African nation and others in the region, part of Beijing’s efforts to diminish use of the dollar.
The plan announced by the lender’s vice president, Lin Jingzhen, follows a state visit that Zambian President Hakainde Hichilema undertook to China in September during which the two governments agreed to conduct more business using their own currencies.
The world’s fourth-biggest lender by assets, state-owned Bank of China is the nation’s only bank with a presence in Zambia and operates as a clearing facility.
Source: Bloomberg
