- Trade settled in CNY is likely to grow further – Standard Chartered
Market news
22 September 2023
Trade settled in CNY is likely to grow further – Standard Chartered
The Yuan (CNY) is increasingly being used for trade, investment and as a reserve currency in Africa. Strong trade trends support more trade settled in CNY, economists at Standard Chartered report.
CNY internationalisation gathers pace
CNY is being used for trade and investment in Africa and features as a reserve currency.
Strong trade links, especially African imports from China, mean trade settled in CNY is likely to grow further.
South Africa, CDI and Kenya are top markets for CNY cross-border payments; we expect Nigeria to catch up.
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