Standard Chartered, the international bank with a unique footprint across Africa, Asia and the Middle East, has opened their first onshore ‘RMB’ (Renminbi/Chinese Yuan) trading account in Africa for leading South African metals trader, Portland Steel.

Given that trade between Africa and China exceeded $110bn in 2010, up from $91bn in 2009, Standard Chartered’s ability to offer onshore Chinese Yuan accounts to African corporates will give them the needed edge to facilitate fast and effective trade relations with Chinese suppliers, buyers and related global customers.

Roy Grayman, Portland Steel’s joint CEO commented, “China is an increasingly influential trading partner for us, and the ability to exchange funds with both buyers and suppliers via an onshore RMB account will underpin successful trade relations.

“Opening a Chinese currency (RMB) account with Standard Chartered has given us a competitive advantage, effectively enabling us to quote, sell and settle in ‘RMB’.

“Immediate access to RMB also increases our operational efficiencies by mitigating foreign exchange risks and reducing trade settlement costs associated with converting payments and settlements into USD.”

Offering onshore RMB accounts to African corporates is in line with the bank’s international ambition to lead the way in the development of China’s currency market.

“One year after the Bank’s landmark role in the first domestic RMB cross-border trade settlement transaction outside of China1, Standard Chartered has been first in facilitating trade settled in RMB across various markets as well as innovation on RMB-denominated investment products.