Global Post
Xinhua News Agency
One of Morocco’s biggest lenders Attijariwafa Bank announced on Friday it has begun trading in the Chinese yuan to help local and African businesses in their growing commercial partnership with China.
The bank launched the trading in yuan, also known as renminbi, for the Moroccan societies to develop its business with China as well as with African societies, Mohamed Kettani, president of the bank, said in a press conference in Morocco’s economic hub Casablanca.
Attijariwafa Bank is the largest private bank in Morocco and has subsidiaries in many African, European and Middle East countries catering mainly for Moroccans living there.
It has the largest branch network in Morocco and Africa with 3,265 branches, up from 3,197 in 2013.
“China is a large economic power and its commerce with Morocco and Africa is developing very fast, so our bank decided to introduce the yuan facility aiming in the near future that all transactions with China will be solely with yuan,” Kettani said.
China is Morocco’s third largest trading partner.
