At least 40 percent of the China-South Africa trade, worth 100 billion U.S. dollars, will be settled in RMB by 2015 as RMB internationalization is advancing steadily, according to the latest research report released by Standard Bank in South Africa.
The volume is nearly equal to the total China-Africa trade in 2010. The report also showed that during the same period, Chinese investments in Africa, worth at least 10 billion U.S. dollars, would also be based on RMB settlement.
The scale of cross-boarder RMB trade settlement is expanding rapidly in Africa, Southeast Asia and Latin America during recent years. Local financial institutions have played a critical role in promoting RMB internationalization and the application of the RMB in these regions
Cross-border RMB trade settlement has expanded from Hong Kong and Macao to the world
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