Africa’s RMB-denominated reserves to reach 20% in five years

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Africa’s RMB-denominated reserves to reach 20% in five years

August 10, 2012 (Last updated: August 13, 2012)

From Chien Mi Wong

Central banks in Africa will add more renminbi into their foreign reserves in recognition of China’s sound economic fundamentals and as Sino-Africa trade continues to grow, say experts.

The renminbi’s role as a reserve currency will continue to grow as it gains interest from the outside world, particularly from African central banks.

The cumulative foreign reserve of African countries currently stands at around US$500 billion. Standard Bank...

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SOUTHEAST ASIA DCM

Rank

Bookrunner Parents

Deal Value $ (Proceeds) (m)

No.

%share

2012 YTD Rank

Standard Chartered Bank

3,991

8.9

HSBC

3,710

8.3

Goldman Sachs

3,333

7.4

Deutsche Bank

2,895

6.4

Citi

2,774

6.2

JPMorgan

2,288

5.1

DBS

2,106

4.7

Siam Commercial Bank

1,835

4.1

Barclays

1,586

3.5

CIMB Group

1,523

3.4

Subtotal

26,040

123

57.9

Total

44,958

212

100.0

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