China's central bank on Tuesday said it had signed a memorandum of understanding (MoU) on renminbi clearing with Bank of Zambia, its Zambian counterpart.
Following the MoU, China will soon designate a renminbi clearing bank in Zambia, the People's Bank of China (PBOC), the country's central bank, said in a statement.
The move will facilitate renminbi-denominated cross-border transactions for companies and financial institutions in the two countries and boost bilateral trade and investment, the PBoC said.
Zambia has been active in promoting the use of renminbi in cross-border trade and investment.
