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On August 7-8, the “Inaugural South Africa-China Capital Markets Forum” held by Johannesburg Stock Exchange (JSE) and Shanghai Stock Exchange (SSE) took place in the JSE building at Sandton, Johannesburg. The Deputy Governor of SA Reserve Bank Mr. Daniel Mminele, Chief Executive Officer of JSE Ms. Nicky Newton-King, Chairman of SSE Dr. Gui Minjie, Economic and Commercial Counsellor of Chinese Embassy in South Africa Mr. Rong Yansong, together with representatives of financial institutions and enterprises from China and South Africa attended the event.
In September 2012, SSE and JSE signed an MOU in Johannesburg, which unveiled a new chapter of cooperation between the two capital markets. The forum marks the first significant event co-hosted by the two stock exchanges. Attendants of the forum took this opportunity to communicate through discussion about issues such as the evolution and future cooperation of Chinese and South African capital markets, the development of cross-border products, features of the two countries’ capital markets and investment opportunities, etc. The event enabled the strengthening of ties among stock exchanges, listed companies, companyplanningtobelisted, and financial institutions of the two countries. Moreover, it helped deepen the understanding and coordination of the two countries’ capital markets and thus enlarged the potential of future cooperation.
At the forum, General Manager of Bank of China Johannesburg Branch, Mr. Zhikun Qiu delivered a speech with the topic of “Renminbi, A New Currency of Choice”, which focuses on the internationalisation of Chinese currency Yuan. He illustrated the arising importance of Renminbi’s role in global economic and trade development, its growing tendency and developing potential in Africa, as well as the Renminbi products offered by Bank of China. As a conclusion, Mr. Qiu expressed his expectation and prediction of Renminbi acquiring more significant market share in the international trade and economy in the foreseeable future.
Mr. Qiu said with an extensive global reach and a clearing capacity unmatched in its business, BOC plays its role as the main channel for cross-border yuan clearing business in the world. Now, Bank of China has already been designated as the yuan clearing bank in countries and regions including Hong Kong, Macao, the Philippines, Russia, Taiwan, Malaysia and Luxembourg. During the past four years, BOC has opened more than 1,000 yuan clearing accounts for foreign banks, covering over 80 countries and regions in the five continents, thereby having gradually formed a global yuan clearing network.
In the past four years of pilot cross-border trade yuan settlement, BOC has accumulatively handled more than 6 trillion yuan of cross-border yuan settlements, of which 1.6 trillion yuan was attained from January to June 2013, up by 56 percent. Domestic branches achieved a volume of over 780 billion yuan in cross-border yuan settlement, maintaining a domestic market share of about 30 percent and thus firmly occupying the leading position. BOC has formed a relatively complete cross-border yuan product line, with BOC Hong Kong being the most active bank for cross-border yuan business in the offshore market and BOC overseas branches gradually becoming the main channel for local cross-border yuan use and a center of overseas yuan funds.
Based on the advantages of Bank of China being the top yuan clearing bank with abundant yuan funds, BOC Johannesburg Branch dedicates to build its yuan products by simplifying procedures and reducing cost of currency exchange, and offer favourable exchange rate. The comparative advantage thus enables BOCJHB’s leading position in trade remittance, credit services, and yuan clearing business with financial institutions.
In 2012, the trading volume between China and Africa is close to 200 billion USD, and that of China and South Africa has already reached 60 billion USD. The bilateral investment has achieved rapid development. He optimistically previewed that after three years, the yuan will be utilised for at least 15 percent of trade and investment between China and South Africa.
Mr. Qiu’s address received warm reactions from forum attendants, and inspired their lively discussion about related issues. They also expressed confidence in the outlook that South Africa becomes off-shore yuan centre of Africa.
As a financial institution with history of more than one century, Bank of China is also the most internationalised and diversified bank in China. The Bank was enrolled as a Global Systemically Important Financial Institution for two consecutive years, the only financial institution from China or any emerging economy to be recognised as such. In the ranking of “top 1,000 World Banks”, Bank of China has always been one of the top 10, and has also acquired various international honours.
Currently, 12,000 BOC overseas operations have been set up in 40 countries and regions. Moreover, financial services are provided through the "China Desk" in more than 10 countries, and agency relationships have been established with over 1,600 foreign banks in nearly 180 countries and regions. Bank of China operates in various fields including commercial banking, investment banking, insurance services, fund management services and aircraft leasing and provides perfect, efficient and comprehensive financial services for its global clients.
Bank of China Johannesburg branch was established in 2000, and has been serving the “going global” Chinese corporates and the local corporates which have china-related backgrounds. In addition to South Africa, BOCJHB also covers more than 20 African countries. The client base of Johannesburg Branch consists of customers from industries such as mining, import & export, finance, media, manufacturing, property, infrastructure, power and energy sector.
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