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Kenya keen to host Chinese yuan currency clearing house

Kenya keen to host Chinese yuan currency clearing house
 
Dollars and Yuans Reuters/China Daily

Plans for the creation of an African-based Chinese currency clearing house could mean an end to future business transactions in US dollars on the continent. With China-Africa trade increasing by almost 20 per cent last year, Kenya has said it is hoping to host a clearing house for Chinese currency - a bold move that would see it become the first such exchange for the Yuan outside Asia. During a conference in Nairobi earlier this month, China's ambassador to Kenya, Liu Guangyuan, said it was important for Kenya to set up a financial hub to process the Chinese currency. To find out whether this is likely to happen and whether the dollar is likely to disappear from Africa, RFI spoke to Dr Harry Verhoeven a leading China-Africa economist.

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