Josephine Christopher is a senior business journalist for The Citizen and Mwananchi newspapers
Mwananchi Communications Limitted
Dar es Salaam. Stanbic Bank Tanzania’s launch of a direct Renminbi (RMB) settlement service could lower payment barriers for businesses trading with China and support Tanzania’s ambitions to expand exports, industrialise and integrate into global value chains, government and financial sector officials have said.
The service, launched in Dar es Salaam yesterday, allows Tanzanian businesses to pay Chinese suppliers and receive payments from Chinese buyers directly in RMB, without first routing transactions through the US dollar.
