Renminbi hedging and Africa: the final frontier
The Chinese way
Unlike the majority of the global economy, trade between China and Africa is booming. Two-way trade stood at $166 billion in 2011, triple its 2006 amount, and making China Africa’s largest trading partner. Standard Bank estimated in April 2012 that African imports of Chinese goods are up 24% since 2008, and account for 4% of China’s total exports. A trade network of more than 1,500 Chinese corporates operate in 18 African nations.
This is reflected in a rapid increase in renminbi use in Africa
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