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ICBC Launches New China-Africa Currency Center in Hunan

by Eric Olander
Representatives from the Industrial and Commercial Bank of China announce the opening of a new China-Africa RMB currency exchange center in Changsha, Hunan.

The Industrial and Commercial Bank of China (ICBC) in Hunan province launched a new cross-border China-Africa currency center on Tuesday to facilitate transactions between Chinese yuan and six African currencies including the Kenyan shilling, Nigerian naira, Botswanan pula, Ghanaian sedi, and the Zambian kwacha.

The new center was announced during the China-Africa Economic and Trade Expo that’s taking place this week in Changsha and represents the latest effort by this provincial capital to establish itself as the primary Sino-African trading hub in China. Hunan is already home to the African Cocoa Marketing Center and a new direct rail-to-port African trade link.

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