The introduction of Chinese currency yuan into South Sudan will boost trade between China and South Sudan, a business lobby has said.
Simon Akuei Deng, Secretary General of South Sudan Chamber of Commerce, Industry and Agriculture, said the proposal made last month by Kenya’s CFC Stanbic Bank to introduce trading of yuan into its South Sudan branch will make doing business with China easier.
“Such an arrangement is welcomed because we have a bunch of South Sudanese businessmen who trade with China… All of us will be having the mutual benefits out of the arrangement because both the suppliers in China and the importers in South Sudan will enjoy,” Deng told Xinhua.
Deng said the trade between China and South Sudan had been hampered by delays in making bank transfers and variation in exchange rates. He urged other banks to follow suit and begin using yuan in South Sudan.
According to Deng, a number of imported goods such as electrical, construction materials and heavy machinery in South Sudan are Chinese-made, which makes China the biggest exporter to the world’s youngest nation. (Xinhua)