Bank Boosts African Trade Hub

A file image of a branch of Shanghai Pudong Development Bank in China's Hunan province. Photo: Imaginechina via AFP / Imaginechina / Liu Ying

Shanghai Pudong Development Bank opened its first account to handle cross-border settlements for an African consulate. The bank’s branch in Changsha opened the account for the Malawian consulate in Hunan Province.

WHY IS THIS IMPORTANT? The Chinese government has designated Hunan as a central hub of African trade. Malawi’s consulate is the first African consulate in the province, and the bank account is an important step in the rapidly growing trade between the province and the continent.

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by CGSP Staff

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