JOHANNESBURG, June 26 – China’s central bank has authorized Standard Bank and the Industrial and Commercial Bank of China (ICBC) to clear yuan currency (Renminbi) transactions across Africa, Standard Bank said on Friday.
The move gives businesses and financial institutions across the continent direct access to China’s onshore financial system for the first time, streamlining cross-border trade and investment flows.
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The People’s Bank of China (PBoC) authorisation comes as China-Africa trade rose nearly 18% last year, according to Chinese customs data, and Beijing removed all tariffs on imports from 53 African nations on May 1.
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Standard Bank and ICBC will operate jointly as the “Renminbi (RMB) Clearing Bank of Africa,” with capacity to clear RMB in 19 African countries.
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The bank gives exclusive access to China’s onshore financial system, including capital markets and liquidity infrastructure.
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Standard Bank was the first African bank to join China’s Cross-Border Interbank Payment System (CIPS) in November 2025, processing $500 million in its first four months.
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Asian countries are now preferred trade partners for 35% of African businesses surveyed, up from 24% in 2024, according to Standard Bank’s own Africa Trade Barometer.
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China is cited as leading source of inputs by 67% of African businesses surveyed, Standard Bank’s Africa Trade Barometer shows.
Reporting by Colleen Goko Editing by Bate Felix.
