RMB/Africa currency hedging sees ‘substantial’ growth in past 12 months
Increasing levels of trade between Africa and China have driven the emergence of an increasingly active RMB derivatives market
The rapid increase in China's trade with Africa has driven a "significant" growth in the number of renminbi-denominated hedging transactions across the continent, according to South African firm Absa Capital.
Figures from the Chinese government show that in 2011, two-way trade volume between China and Africa hit $166.3 billion – a year-on-year increase of 31%, which is nearly 9% above the country's overall growth rate.
According to Johannesburg-based Chris Paizis, head of the corporate sales and
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