As Beijing intensifies its efforts to encourage the worldwide usage of its currency, the Chinese central bank has authorized Standard Bank and Industrial and Commercial Bank of China to clear Renminbi throughout Africa.
The action simplifies cross-border trade and investment flows by providing companies and financial institutions with direct access to China’s onshore financial system, including capital markets and liquidity infrastructure, for the first time.
One of China’s several initiatives to internationalize the yuan and lessen reliance on a worldwide payment system dominated by the US dollar is the People’s Bank of China.
At the annual Lujiazui Forum in Shanghai this week, PBOC Governor Pan Gongsheng announced steps to support offshore yuan operations, including allowing six leading state banks to carry out offshore yuan transactions in the free trade zone of the city.
According to a statement released by Standard Bank on Friday, ICBC and Standard Bank will work together as the “Renminbi Clearing Bank of Africa,” with the ability to clear RMB in 19 African nations.
According to Chinese customs figures, trade between China and Africa increased by about 18% last year. On May 1, Beijing eliminated all taxes on imports from 53 African countries.
Richard de Roos, head of operations for corporate and investment banking at Standard Bank, stated, “China is Africa’s largest export market, and with clearing status added to CIPS participation, Standard Bank is even better placed to support Africa’s trade with China,” forecasting additional demand growth.
In November 2025, Standard Bank became the first bank in Africa to join China’s Cross-Border Interbank Payment System.
In its first four months of operation, it processed $500 million, mostly from physical trade.
According to Standard Bank’s Africa Trade Barometer, 35% of enterprises in ten African markets now prefer to trade with Asian nations, up from 24% in 2024. Of those surveyed, 67% mentioned China as their primary source of inputs.
