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Nairobi to become a Renminbi clearing house location
Rank: Member Joined: 4/3/2008 Posts: 48
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It's been widely reported that on 19 Aug, 2013 President Kenyatta signed a massive KES 425 billion deal for amongst other things a new SGR track from Nairobi to Malaba, wildlife management (huh?), energy sector improvements and some other joint ventures. What has been reported almost as a by-the-way is that President Kenyatta and President Xi Jinping spoke about Kenya hosting a Renminbi clearing house.
This is surely a (huge, significant, momentous, nation-changing, all of the above) deal, not just for the fact that this will underline Kenya's place on the map when we start to clear a second currency, but also for what it adds to Kenya's positioning as a regional financial hub. Even South Africa - undoubtedly Africa's economic powerhouse - doesn't clear any currency other than their own. Is it just me, or is this fact not getting enough airplay?
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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Airplay from who??? We have media houses of non thinkers and political minions. They dont even understand what's going on. You'll find them on club sk "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Hello Joined: 8/23/2013 Posts: 1
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Guess they were too busy trying to get people to lose weight
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Rank: Veteran Joined: 1/4/2010 Posts: 1,668 Location: nairobi
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http://en.wikipedia.org/...ing_house_%28finance%29
This will be very good for the country financially. As Iron Sharpens Iron, So one Man Sharpens Another.
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Rank: Member Joined: 4/3/2008 Posts: 48
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murchr wrote:Airplay from who??? We have media houses of non thinkers and political minions. They dont even understand what's going on. You'll find them on club sk I would hope those media houses are on Club SK, trying to learn about the important things in life.  Seriously, this is something that we as Kenyans should be vigorously campaigning to become a reality. Singapore's status as a global financial centre has gained significant credibility since they started hosting an Renminbi clearing house earlier this year (May 2013). This despite the fact that Singapore was already a recognised leading financial centre. To paraphrase what Mr Githongo said, "it's our turn to reap!"
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Rank: Veteran Joined: 3/26/2012 Posts: 1,182
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MuchNo wrote:murchr wrote:Airplay from who??? We have media houses of non thinkers and political minions. They dont even understand what's going on. You'll find them on club sk I would hope those media houses are on Club SK, trying to learn about the important things in life. Seriously, this is something that we as Kenyans should be vigorously campaigning to become a reality. Singapore's status as a global financial centre has gained significant credibility since they started hosting an Renminbi clearing house earlier this year (May 2013). This despite the fact that Singapore was already a recognised leading financial centre. To paraphrase what Mr Githongo said, "it's our turn to reap!" As it is,what is the preferred currency for importers from China? With China being one of the top two import destination, this would ease the pressure on KES against USD.
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Rank: Veteran Joined: 2/3/2010 Posts: 1,797 Location: Kenya
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mkeiyd wrote:MuchNo wrote:murchr wrote:Airplay from who??? We have media houses of non thinkers and political minions. They dont even understand what's going on. You'll find them on club sk I would hope those media houses are on Club SK, trying to learn about the important things in life. Seriously, this is something that we as Kenyans should be vigorously campaigning to become a reality. Singapore's status as a global financial centre has gained significant credibility since they started hosting an Renminbi clearing house earlier this year (May 2013). This despite the fact that Singapore was already a recognised leading financial centre. To paraphrase what Mr Githongo said, "it's our turn to reap!" As it is,what is the preferred currency for importers from China? With China being one of the top two import destination, this would ease the pressure on KES against USD. So in lay man terms if am importing from Guangzhou I don't have to convert Kes to Usd first? I may be wrong..but then I could be right
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Rank: Member Joined: 4/3/2008 Posts: 48
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digitek1 wrote:mkeiyd wrote:MuchNo wrote:murchr wrote:Airplay from who??? We have media houses of non thinkers and political minions. They dont even understand what's going on. You'll find them on club sk I would hope those media houses are on Club SK, trying to learn about the important things in life. Seriously, this is something that we as Kenyans should be vigorously campaigning to become a reality. Singapore's status as a global financial centre has gained significant credibility since they started hosting an Renminbi clearing house earlier this year (May 2013). This despite the fact that Singapore was already a recognised leading financial centre. To paraphrase what Mr Githongo said, "it's our turn to reap!" As it is,what is the preferred currency for importers from China? With China being one of the top two import destination, this would ease the pressure on KES against USD. So in lay man terms if am importing from Guangzhou I don't have to convert Kes to Usd first? Precisely. One would be able to convert directly to the Renminbi from the Kenya Shilling. In addition, you could accept payment in RMB denominated cheques, and you could have your local KES cheques accepted in China. Buying banker's cheques in Yuan (and Chinese buying KES denominated banker's cheques in China) would be a possible in Nairobi directly. Trade would, to put it delicately, blossom. Apart from this, all regional economies would see the advantage of trading with China via Kenya because they too would not have to make the loss of exchanging KES for USD and then the USD for RMB. Hence, the shilling would become a significantly stronger currency - and currency trading in Kenya would be changed somewhat (I'm not qualified to comment on how exactly. Perhaps someone who is might like to do so). All-in-all, Kenya would reap significant benefits...
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Rank: Veteran Joined: 2/3/2010 Posts: 1,797 Location: Kenya
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MuchNo wrote:digitek1 wrote:mkeiyd wrote:MuchNo wrote:murchr wrote:Airplay from who??? We have media houses of non thinkers and political minions. They dont even understand what's going on. You'll find them on club sk I would hope those media houses are on Club SK, trying to learn about the important things in life. Seriously, this is something that we as Kenyans should be vigorously campaigning to become a reality. Singapore's status as a global financial centre has gained significant credibility since they started hosting an Renminbi clearing house earlier this year (May 2013). This despite the fact that Singapore was already a recognised leading financial centre. To paraphrase what Mr Githongo said, "it's our turn to reap!" As it is,what is the preferred currency for importers from China? With China being one of the top two import destination, this would ease the pressure on KES against USD. So in lay man terms if am importing from Guangzhou I don't have to convert Kes to Usd first? Precisely. One would be able to convert directly to the Renminbi from the Kenya Shilling. In addition, you could accept payment in RMB denominated cheques, and you could have your local KES cheques accepted in China. Buying banker's cheques in Yuan (and Chinese buying KES denominated banker's cheques in China) would be a possible in Nairobi directly. Trade would, to put it delicately, blossom. Apart from this, all regional economies would see the advantage of trading with China via Kenya because they too would not have to make the loss of exchanging KES for USD and then the USD for RMB. Hence, the shilling would become a significantly stronger currency - and currency trading in Kenya would be changed somewhat (I'm not qualified to comment on how exactly. Perhaps someone who is might like to do so). All-in-all, Kenya would reap significant benefits...  how soon before this takes off game changer especially with oil scenario I may be wrong..but then I could be right
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Rank: Elder Joined: 12/2/2009 Posts: 2,458 Location: Nairobi
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i actually heard it over the BBC.. to them, the rail and infrastructure was all a by the way.. the exchange was the talking point..
Good for us.. Baaad for the West.. very baaaaad..
This is where Gaddafi faced their wrath if im not wrong..
Hopefully they let us be.. *kneels down to pray*
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Nairobi to become a Renminbi clearing house location
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