RMB use expands in Africa amid growing financial connectivity and trade

China's currency, the renminbi (RMB), is playing a bigger role in Africa as trade with the continent flourishes. From the launch of direct RMB settlement services in Tanzania to expanded connectivity with the Cross-Border Interbank Payment System (CIPS) in Kenya and Namibia, as well as the establishment of RMB clearing arrangements for Africa, such recent developments highlight the growing role of the Chinese currency in cross-border transactions.

Raccontata daglobaltimes.cn