JOHANNESBURG — China has authorised Standard Bank and the Industrial and Commercial Bank of China to clear renminbi transactions across Africa, strengthening financial links between the continent and the Chinese market.
The two banks will jointly operate as the Renminbi Clearing Bank of Africa, with capacity to process RMB transactions across 19 African countries.
The arrangement is expected to make cross-border trade and investment transactions easier by giving African businesses and financial institutions more direct access to China’s financial system.
It also provides access to Chinese capital markets and liquidity infrastructure, potentially reducing the cost and complexity of settling transactions between African and Chinese companies.
The development comes as China continues efforts to expand the international use of the renminbi and reduce dependence on payment systems dominated by the US dollar.
Standard Bank had already joined China’s Cross-Border Interbank Payment System in 2025, processing hundreds of millions of dollars in transactions during its first months of participation.
China remains Africa’s largest trading partner, while demand for Asian trade and financial services continues to grow across the continent.
The new clearing arrangement is expected to strengthen trade settlement, investment flows and financial cooperation between African economies and China.