Tag: Hub

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.

Hunan province is now among the key hubs in China for African trade and increasingly it appears to be positioning itself as a larger BRI trading center. Hunan trade with BRI countries is up 20% year-on-year to $16.5 billion in the January-August period.