Monday, September 27, 2010

Bidvest Bank to Buy/Sell Yuan

Bidvest Bank has begun buying and selling Chinese yuan notes, a spokesperson said on Monday.

Craig MacFarlane, head of retail operations, said in a statement that demand for Yuan among South African business and leisure travellers had been growing for some time.

Bidvest is the first local bank to deal in yuan notes.

"Local demand for Yuan is already significant and is expected to grow in view of increasing trade and travel links between China and South Africa."

MacFarlane said currency restrictions applied in China and people were only permitted to take into China or bring out a maximum of 20 000 yuan.

"That's about R20 000 as the rate is close to one to one at the moment."

Bidvest Bank is South Africa's leading currency exchange operator.