Mozambique’s Standard Bank launches payment service in yuan

The Standard Bank has created a new currency exchange service to facilitate trade between Mozambique and Mainland China, the Notícias newspaper reports.

Traders can now pay for their imported goods in yuan, allowing the importer to avoid additional costs when payments are made in US dollars.

“The bank occupies a privileged position to assist Mozambique’s business people with interests in China and vice versa, given its strong connection to the Industrial and Commercial Bank of China (ICBC), which owns 20.1 percent of Standard Bank Group, since 2008,” the report quotes the bank as saying.