China Approves Yuan Clearing Network Across 19 African Countries via Standard Bank and ICBC

The People's Bank of China authorized Standard Bank and ICBC to establish a Renminbi clearing network spanning 19 African countries, giving businesses direct access to China's domestic financial infrastructure without relying on the U.S. dollar.

• Standard Bank and ICBC will jointly operate as the Renminbi Clearing Bank of Africa, the continent's largest coordinated Yuan-clearing initiative.
• Cross-border transactions can now be settled in Renminbi without intermediary currencies like the U.S. dollar.
• China is Africa's largest trading partner, with bilateral trade rising nearly 18% last year.
• Standard Bank processed roughly $500 million in Yuan transactions in its first four months on China's CIPS network.
• 35% of companies across 10 African markets now identify Asia as their preferred trading partner, up from 24% a year earlier.

Coinporta summarises news for fast scanning. Full reporting belongs to the source.

Last updated 29 Jun 2026