Bank of China Johannesburg Branch is granted for being Renminbi Clearing Bank in South Africa
On 8th July, The People’s Bank of China announced that The Bank of China Johannesburg Branch was awarded and will be recognized as the Renminbi Clearing Bank in South Africa. To-date, The Bank of China successfully fulfills this prestigious role in 9 sovereigns worldwide inclusive of Hong Kong, Macao, Taiwan, Germany, France, Australia, Malaysia and Hungary and now South Africa. This increasingly justifies Bank of China’s reputation as the market leader RMB Clearing Bank. The Bank of China Johannesburg Branch proudly becomes the latest in this success story and the first clearing bank in Africa to be appointed by The People’s Bank of China. This bears testimony to the financial and the trade cooperation that exists between China and Africa. Consequently, this collaboration between China and Africa now enters a new dynamic phase with exponential growth prospects.
Bank of China Johannesburg Branch was the first Chinese bank in South Africa opening its operation in October 2000, offering a full bouquet of products and services ranging from Renminbi Clearing, Settlement, Deposit, Loan, Exchange, Trade Finance, Foreign Direct Investment and a myriad of financial solutions. Committing itself to providing high quality tailor made financial services and actively developing Renminbi Internationalization throughout the Africa Continent, The Bank of China Johannesburg’s track record in Renminbi business is in itself a successful story with the first settlements dating back to 2010, This was closely followed by the successful conclusion of the first of cross border Renminbi denominated business on the African Continent. As at June 2015, Bank of China Johannesburg Branch was already providing clearing services for sixty financial institutions throughout the African geography. In addition, Bank of China proudly services fifteen financial institutions in South Africa. Since 2013, the volume of clearing business has witnessed strong growth and has reached in excess of CNY 24 billion Renminbi (Yuan)
Statistics show that China is Africa’s largest trade partner in Africa, with South Africa in particular enjoying close economic and trade ties with China. Allied to this, The 6th Ministerial Conference under the auspices of The Forum on China-Africa Cooperation will be held in South Africa and it is anticipated that infrastructure construction cooperation between China and Africa will in the forefront and thus translate into demand in terms of Renminbi trade, investment and finance. The establishment of Renminbi clearing mechanism will act as an ideal conduit and enhance capabilities for Renminbi settlement, investment and finance in South Africa and Africa as a whole.
In line with its vision and strategic value of “Serving Society, Delivering Excellence” whilst actively developing the internationalization of the Renminbi, The Bank of China maintains its status as the world’s most global and most professional institution for cross-border Renminbi business with networks centred in Hong Kong and Shanghai. From Jan to May 2015, Bank of China Renminbi clearing business volume was reached an unprecedented CNY 1.206 trillion; which translates to a year-on- year growth of 30.4%.The Bank of China continues in its quest to improve its global service ability as a Renminbi Clearing Bank and continues its role within national strategy and global development of the Renminbi.