Renminbi clearing in Africa now has a home: China named Standard Bank and ICBC to settle yuan trade across 19 countries, easing reliance on the dollar.
AFRICA · FINANCE
Key Facts
—New role: China’s central bank has named Standard Bank and ICBC the first Renminbi Clearing Bank of Africa, covering 19 countries.
—A continental first: It is the first renminbi clearing bank named after a whole continent, and the first run jointly by two commercial lenders.
—Direct access: African firms gain a direct channel into China’s onshore markets and liquidity for the first time.
China's central bank said on Friday that it has authorized Standard Bank, Africa's largest lender, and the Industrial and…
China has authorised Africa’s largest lender, Standard Bank, to jointly clear yuan payments across 19 African countries, giving…
China has authorised Africa’s largest lender, Standard Bank, to jointly clear yuan payments across 19 African countries, giving…
Standard Bank, Africas largest bank by assets, has processed more than CNY8 billion ($1
China baut sein Finanznetz in Afrika massiv aus. Ein neues Yuan-Zahlungssystem soll den Handel erleichtern und die Abhängigkeit…
A growing list of African nations have made deals to explore or implement use of the Chinese currency for trade and financial…
