Convert METICAIS to YUAN at Standard Bank
Standard Bank recently introduced a Meticais to Yuan (Chinese currency) conversion service on imports, in order to simplify trade between the two countries.
So, from now on the customer is able to pay, at Standard Bank, import invoices directly in Yuan, the original currency of exporters in China.
Thus, the importer avoids additional exchange costs resulting from cross-currency exchange when payment is made in US dollars and can benefit from more competitive prices of imported goods.
The bank occupies a privileged position to assist Mozambican businessmen with business in China and vice versa, given its strong link with the China Commercial and Industrial Bank (ICBC), the world's largest Chinese bank, which holds 20.1% of the Group Standard Bank, since 2008.
Trade between the two countries had registered a significant increase in January of this year, reaching USD 168 million, an increase of 2.24% compared to the same period in 2016.
Subsequently, Chinese companies sold products worth $ 120 million, up 2.16% over 2016, and bought goods worth $ 47 million.
Among the products exported from Mozambique to China, the highlight is wood, with import goods including household appliances and construction equipment and industry.