Chinese Ambassador to Kenya Liu Xianfa (L) and Chief Executive of Kenya's CFC Stanbic Bank Philip Odera attend the launching ceremony at the headquarter of CFC Stanbic Bank in Nairobi, capital of Kenya, July 13, 2016. Kenya's CFC Stanbic Bank on Wednesday became the first bank in the country to avail the Chinese currency, yuan, at its branches to facilitate trade between China and Kenya. (Xinhua/Li Baishun)

NAIROBI, May 10 (Xinhua) -- The internationalization of the Chinese yuan will help boost Kenya's economy due to the close Sino-Kenya commercial and trade ties, the bankers lobby said on Tuesday.

Kenya Bankers Association (KBA) Chairman Lamin Manjang told Xinhua in Nairobi that Beijing is now one of Kenya's top trading partners and this has raised the significance of the renminbi (RMB).

"So, if the yuan is easily convertible to the Kenya shilling, it will ease trade between Kenya and China and hence boost Kenya's economy," Manjang said on the sidelines of the Euromoney Kenya conference.

The day long seminar brought over 200 participants including government officials, policymakers, bankers, investors, and entrepreneurs to deliberate on the economic environment in Africa.

Kenyan banks are increasingly promoting the use of the RMB as a currency of international trade as China is a major player in global trade.

Two attendants display a Chinese currency note and a Kenyan Shilling note during the opening ceremony of a new branch of the National Bank of Kenya which will host a clearing house for Chinese renminbi (RMB) in Nairobi, Kenya, July 22, 2015. The National Bank of Kenya (NBK) has opened a new branch that will host a clearing house for Chinese renminbi (RMB) that would allow the settlement of trade deals to help boost economic growth. (Xinhua/Sun Ruibo)

Manjang said that the use of the Chinese currency minimizes currency risk of traders by eliminating the need to covert the Kenya shilling to U.S. dollars and then to yuan.

According to KBA, the number of banks that can provide Chinese yuan over the counter is increasing.

"Typically, banks that that are strong in China and Africa have an advantage over the smaller banks when it comes to embracing the renminbi," he added.

Manjang, who is also the CEO of Standard Chartered Bank Kenya, said that his bank has fully embraced the RMB.

"We are now able to help clients who want to settle obligations in China by converting Kenya shilling to yuan," he said.