Bank of China Ltd. (3988.HK), the country’s fourth-largest lender by assets, said Tuesday it launched yuan cash business services in Zambia with the aim of boosting economic ties between China and Africa.
The bank’s branch in Lusaka, the Zambian capital, provides yuan services such as deposit-taking, lending and remittances as part of measures to provide financial services catering to Chinese companies that are trying to move into African markets.
“BOC’s Zambia branch will enhance cooperation with other financial institutions and aim to become the yuan settlement bank in Africa,” the head of Bank of China’s Zambia branch said in the statement.
Trade between China and Zambia reached $2.8 billion in 2010. There are over 300 Chinese companies operating in Zambia, focusing on mining, agriculture, telecommunications and construction, Bank of China said.