Renminbi use in South Africa surges

Payments in the currency soar by 65% over the past year

Cashing in: renminbi accounts for 40% of offshore payments with countries other than China and Hong Kong

The creation of a renminbi-trading centre in South Africa in July 2015 has boosted usage of the currency by the country's institutions by 65% over the past 12 months, Swift data reveals.

The renminbi now accounts for 40% of all offshore payments made by South African institutions with countries other than China and Hong Kong.

"South Africa has experienced a major shift in renminbi growth over the last two years, strengthening the country's trade relations with China and Hong Kong," says Harry

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