African banks are positioning themselves to take full economic advantage as Beijing seeks to de-dollarise its trade.
Africa’s top lenders are opening branches in major Chinese cities in a race to tap into growing trade ties between China and Africa amid Beijing’s push for yuan-based transactions.
This is despite threats from the US, where president-elect Donald Trump has said he will impose 100 per cent tariffs on Brics countries that pursue de-dollarisation.
In October, The Access Bank UK, a subsidiary of Nigeria’s Access Bank, opened a Hong Kong branch to “foster stronger economic ties between Asia and Africa” under China’s multibillion-dollar Belt and Road Initiative, according to bank executives.
