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South Africa and China Launch Direct Renminbi Payment System

1/27/2026

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Summary

Story summary

South Africa and China inaugurated a system for direct payments in renminbi in late November, bypassing the U.S. dollar, linked to China's Cross-Border Interbank Payment System (CIPS).
The system enables African businesses to settle transactions without intermediaries.
Analysts say the dollar remains dominant, while BRICS' Bridge digital currency and other options emerge.
Yet countries face challenges in adopting local currencies for trade.

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Story summary

South Africa and China inaugurated a system for direct payments in renminbi in late November, bypassing the U.S. dollar, linked to China's Cross-Border Interbank Payment System (CIPS).
The system enables African businesses to settle transactions without intermediaries.
Analysts say the dollar remains dominant, while BRICS' Bridge digital currency and other options emerge.
Yet countries face challenges in adopting local currencies for trade.