BoG to introduce Chinese Yuan onto the FX market

The Bank of Ghana will before the end of this year introduce the Chinese Yuan onto the exchange rate market.

It will become the second currency from Asian to be quoted by the Bank of Ghana’s daily interbank forex exchange market.

The Japanese Yen is presently the only currency from Asia that trades with the Ghana Cedi on the interbank forex exchange market.

XYZ BUSINESS has gathered that the selling of the Yuan was necessitated by the growing demands of the Chinese currency as well as the need to give support to the Ghanaian business community in order to avoid exchange rate losses.

Previously, the absence of the Chinese Yuan in Ghana compelled Ghanaian traders to use the US dollar in trading with their Chinese counterparts.

Stanbic Bank is one of the few Ghanaian banks that trade in the Chinese currency because of its strategic partnership with the China International Bank for Commerce and Industry.

Chinese Yuan also known as Renminbi is used throughout mainland China and part of Hong Kong.