Bank of China marks 10 years as RMB clearing bank in Zambia
LUSAKA, May 23 (Xinhua) -- The Bank of China (BoC) on Friday celebrated a decade of operating as a renminbi (RMB) clearing bank in Zambia, reaffirming its commitment to promoting cross-border financial services across East and Central Africa.
The ceremony in Lusaka, Zambia's capital, drew officials from the Chinese bank, the Chinese Embassy, and the Zambian government, as well as corporate clients.
Jin Jun, counselor of the Chinese Embassy in Zambia, hailed the bank's role in advancing RMB internationalization and facilitating bilateral trade and investment.
"It is reported that RMB cross-border settlements between Chinese and Zambian enterprises have been steadily increasing, with some companies already institutionalizing RMB settlements in bilateral transactions," he said.
He called for broader RMB adoption to enhance local financial stability, improve corporate efficiency, and reduce exchange rate risks. The RMB, he added, offers a viable alternative for Africa's foreign exchange diversification as the world's fourth most used payment currency.
Li Xuewen, managing director of BoC Zambia, said that the bank has actively promoted RMB services in Zambia throughout its nearly 30 years of operation in the country. He pledged to leverage BoC's global platform to support Zambian businesses entering the Chinese market and to facilitate Chinese investment in Zambia.
Lillian Bwalya, permanent secretary in Zambia's Ministry of Commerce, Trade, and Industry, said the use of national currencies in cross-border trade would lower transaction costs, mitigate exchange rate risks, and foster a more stable business environment. This approach can safeguard trade even during global instability, she said, citing the RMB's convenience and role in cushioning financial risks.
Lyness Mambo, director of the prudential supervision department at the Bank of Zambia, stated BoC's efforts had strengthened the local financial market and bolstered China-Zambia trade ties, noting that growing RMB usage could increase liquidity in Zambia's forex market, lower exchange costs for businesses, and reduce dependence on other currencies.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
2 hours ago
- The Sun
Malaysian Student vs Vendor: RM18 Economy Rice Dispute
A Malaysian food vendor has responded to viral social media criticism after a student complained about being charged RM18 for an economy rice dish containing one meat and two vegetable portions. The student's post, which included a photograph of the meal, generated significant online discussion, with many social media users expressing surprise at the pricing for what appeared to be a modest portion. China Press reported that the stall owner has now provided her account of events, stating that security camera recordings reveal the student manipulated the food's presentation before photographing it. According to the vendor, the footage shows the customer using cutlery to reposition the food items, creating a misleading impression of the portion size. 'The customer rearranged the contents and didn't include the sauce in the photograph,' the owner explained to Chinese daily. 'This created a false impression that the serving was smaller than it actually was.' The vendor emphasised that the student had selected a substantial amount of food, particularly pork belly, which she noted is amongst the more expensive options available. She maintained that the RM18 charge was reasonable given the quantity and type of food chosen. When approached for comment, the student reportedly acknowledged that he had moved the food around before taking the photograph. However, he denied any deliberate attempt to mislead, explaining that arranging his plate before eating is simply a personal habit. Despite this clarification, the student continues to maintain that the portion size did not justify the RM18 price point. ALSO READ: University student disputes RM18 economy rice charge, vendor defends pricing The incident highlights ongoing concerns about food pricing in Malaysia, particularly regarding economy rice meals, which are traditionally considered an affordable dining option. The dispute has generated broader discussion about fair pricing and customer expectations in the local food service industry.
The Sun
2 hours ago
- The Sun
Food vendor disputes student's claims over RM18 economy rice meal
A Malaysian food vendor has responded to viral social media criticism after a student complained about being charged RM18 for an economy rice dish containing one meat and two vegetable portions. The student's post, which included a photograph of the meal, generated significant online discussion, with many social media users expressing surprise at the pricing for what appeared to be a modest portion. China Press reported that the stall owner has now provided her account of events, stating that security camera recordings reveal the student manipulated the food's presentation before photographing it. According to the vendor, the footage shows the customer using cutlery to reposition the food items, creating a misleading impression of the portion size. 'The customer rearranged the contents and didn't include the sauce in the photograph,' the owner explained to Chinese daily. 'This created a false impression that the serving was smaller than it actually was.' The vendor emphasised that the student had selected a substantial amount of food, particularly pork belly, which she noted is amongst the more expensive options available. She maintained that the RM18 charge was reasonable given the quantity and type of food chosen. When approached for comment, the student reportedly acknowledged that he had moved the food around before taking the photograph. However, he denied any deliberate attempt to mislead, explaining that arranging his plate before eating is simply a personal habit. Despite this clarification, the student continues to maintain that the portion size did not justify the RM18 price point. The incident highlights ongoing concerns about food pricing in Malaysia, particularly regarding economy rice meals, which are traditionally considered an affordable dining option. The dispute has generated broader discussion about fair pricing and customer expectations in the local food service industry.
The Star
2 hours ago
- The Star
Bangladeshi chief adviser urges Chinese investors to make Bangladesh their home, production hub
In this photo taken on September 14, 2024, a Bangladeshi vendor sells Hilsa fish at a market in Dhaka. Muhammad Yunus invited Chinese investors to explore the extensive opportunities that Bangladesh offers in textiles, endowments, pharmaceuticals, agro-processing, fisheries, food, and information technology. - AFP DHAKA: Bangladeshi interim government's Chief Adviser Muhammad Yunus on Sunday (June 1) urged Chinese investors to make Bangladesh their home and production hub. During his speech at the China-Bangladesh Conference on Investment and Trade, Yunus said Chinese companies are the masters of manufacturing, and Bangladesh wants to be their partner. He said the interim government has been steadfast in implementing reforms, enhancing the investment climate, streamlining regulatory frameworks and ensuring a conducive environment for business operations. Yunus invited Chinese investors to explore the extensive opportunities that Bangladesh offers in textiles, endowments, pharmaceuticals, agro-processing, fisheries, food, and information technology. The conference attracted more than 400 representatives from Chinese and Bangladeshi enterprises and business associations. - Xinhua
