By Jake Lee

June 4 (Bloomberg) -- Kenya's shilling and Ghana's cedi will rise as China increases spending on oil fields, roads and telephone networks in Africa to secure raw material supplies, Standard Bank Group Ltd. said.

The shilling may appreciate 3 percent against the dollar by year-end, said Francis Beddington, the London-based head of Eastern Europe, Middle East and Africa research at Standard Bank, Africa's largest by assets. He attended the Tunis-based African Development Bank's annual meeting, held in China for the first time last month to help attract funds to the continent.

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Posted by pichu at June 4, 2007 3:21 PM