Mauritius. To mark this important milestone, an event was held at the Intercontinental Hotel, in the presence of eminent personalities including the Chinese Ambassador to Mauritius, the Chairman of Bank of China and the Governor of the Bank of Mauritius.
This strategic move signifies a meaningful enhancement in the Mauritius financial ecosystem, facilitating seamless trade, investment, and cross-border transactions in Renminbi for businesses and financial institutions. This initiative is also in line with Bank of China’s broader goal of enhancing the efficiency, robustness, and diversification of its global payment network.
In his address, Dr. Rama Krishna Sithanen, G.C.S.K, Governor of the Bank of Mauritius, outlined the advantages of using the Renminbi (RMB) for settling trade payments. He noted that adopting the RMB can help mitigate exchange rate risks, reduce transaction costs, and strengthen commercial ties with Chinese suppliers and clients. Beyond trade settlement, the Governor emphasised that the establishment of RMB clearing infrastructure paves the way for a broader range of financial products and services, including RMB-denominated bonds, syndicated loans, structured notes, and green finance instruments. He also revealed that the Bank of Mauritius is evaluating the feasibility of integrating the RMB as a fully supported settlement currency within the Mauritius Automated Clearing and Settlement System (MACSS). This development would significantly enhance the efficiency and convenience of RMB transactions for banks and corporates operating in Mauritius.
The Honourable Ge Haijiao, Chairman of Bank of China Limited, highlighted that the launch marks a key milestone in the Bank’s international strategy and serves as a concrete step toward fulfilling the commitment between Mauritius and China to deepen financial cooperation
Her Excellency Dr. Huang Shifang, Chinese Ambassador to Mauritius, praised this initiative as a reflection of the Bank of China’s strategic commitment to Mauritius, showcasing its strong operational capacity and global standing. She reaffirmed that Mauritius holds a unique position as an International financial center for cross border investment and a vital gateway for investors seeking to access the African market.
It is worth noting that, on the same day, Bank of China (Mauritius) Limited successfully executed its first transaction as a RMB clearing bank in Mauritius by processing a cross-border Renminbi remittance for Beijing Construction Group.
The CEO of Economic Development Board, Mr. Mahen Kundasamy, had a very fruitful meeting with the Chairman of Bank of China, to discuss potential areas of collaboration. Both parties reaffirmed the longstanding friendship between China and Mauritius and emphasised the importance of unlocking the vast opportunities for investment and trade between China and Africa.
