China just made it free for 53 African countries to export goods into the world’s second-largest economy. The zero-tariff treatment, effective May 1, 2026, is Beijing’s boldest move yet to deepen its grip on African trade, and it comes with a not-so-subtle push: settle in yuan.
The policy, announced by President Xi Jinping at the African Union Summit in February 2026, is already showing results. Bilateral trade between China and Africa hit $348 billion in 2025, a 17.7% jump from the prior year. For context, that figure was roughly $198.5 billion back in 2012.
The payment plumbing is changing fast
Afreximbank, one of the continent’s most influential multilateral trade finance institutions, has become one of the first African banks to join China’s Cross-Border Interbank Payment System, known as CIPS. African banks can now process yuan payments directly, without routing through the SWIFT network that has dominated international finance for decades.
Absa Group, the South African financial services giant, is also evaluating CIPS membership. If it joins, that would give yuan-based payment rails a significant foothold in southern Africa’s largest economy.
