STANBIC Bank Tanzania Limited on Thursday announced that it would begin trading in Chinese currency -- Renminbi (RMB) -- to facilitate faster and discounted opportunities with the Asian country.
The Chinese renminbi (RMB) is poised to become the world's reserve currency in the 21st century.
The RMB is a settlement currency that allows both traders and suppliers in China to trade in one currency. By using this settlement platform customers are offered better negotiation opportunities with suppliers in China.
Speaking on this solution, Stanbic Bank Head of Global Markets Zainul Chandoo said: ''China is already the world's biggest exporter and second largest economy and is likely to achieve top global economic status in the coming years.
"Therefore as a financial institution, we have to keep up with financial world and ensure we offer the best solutions to our customers to be able to move them forward. The RMB solution facilitates better trading opportunities as well as empower our customers to negotiate for better prices.''
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