“China’s central bank has authorised Standard Bank and Industrial and Commercial Bank of China to clear Renminbi across Africa, as Beijing steps up efforts to promote the global ‌use of its currency.”
“The move gives businesses and financial institutions direct access to China’s onshore financial system for the first time, including capital markets and liquidity infrastructure, streamlining cross-border trade and investment flows.”
“Last week, PBOC Governor Pan Gongsheng announced measures at the annual Lujiazui Forum in Shanghai to promote offshore yuan business, including authorizing six top state banks to conduct offshore yuan transactions in the city’s free trade zone.”
“Standard Bank and ICBC will operate jointly as the ‘Renminbi Clearing Bank of Africa,’ with capacity to clear RMB in 19 African countries, Standard Bank said in a statement on Friday.”
” ‘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,’ said Richard de Roos, head of operations for corporate and investment banking at Standard Bank, predicting further growth in demand.”