African banks set up shop in China as Beijing pushes for yuan to eclipse US dollar [Yahoo! Finance]
ABSA GROUP LTD S/ADR (AGRPY)
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Source: Yahoo! Finance
This is despite threats from the US, where president-elect Donald Trump has said he will impose 100 per cent tariffs on Brics countries that pursue de-dollarisation. In October, The Access Bank UK, a subsidiary of Nigeria's Access Bank, opened a Hong Kong branch to "foster stronger economic ties between Asia and Africa" under China's multibillion-dollar Belt and Road Initiative , according to bank executives. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge , our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. It came a few months after South Africa-based Absa Group, one of Africa's largest lenders, opened its new non-banking subsidiary in Beijing. Absa said the new office would provide general advisory services to clients in China for conducting transactions across Africa, with the lender positioning itself "as a facilitator of trade
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