Bank of China Will Use Zambia Office to Boost Use of Yuan for Trade

(Bloomberg) — The Bank of China plans to use its office in Zambia to increase trade using the yuan with the southern African nation and others in the region, part of Beijing’s efforts to promote the use of the Chinese currency.

The plan announced by the lender’s vice president, Lin Jingzhen, follows a state visit to China by Zambian President Hakainde Hichilema in September during which the two governments agreed to conduct more business using their own currencies. The state-owned Bank of China, the world’s fourth-biggest lender by assets, is the nation’s only bank with a presence in Zambia and operates as a clearing facility.