Business
Kenya looking to host Africa’s first yuan clearing house – to cut need for dollar settlements
“Unless it is liberalized, you may see a lot of traders preferring to use the U.S. dollar,” said a senior treasury dealer a commercial bank in Nairobi, who did not want to comment publicly until he had seen more details on the business case.
However, the combination of rising business dealings with China and Beijing’s policy of slowly liberalizing the renminbi was building the case for a clearing house in Africa.
Chris Kirubi, a Kenyan business executive and property developer who joined Kenyatta’s delegation to China in a search for partners, said steps to tie Africa’s economies more closely to China could only be welcomed.
“I believe China is going to be our catalyst for development and to bring in other investors from the rest of the world.”
