Back to today’s briefing

Story perspectives

Standard Bank Gains RMB Clearing in 19 African Countries

6/28/2026

24 2 Full Breakdown

Summary

Story summary

China’s bank authorized Standard Bank and ICBC to run an RMB clearing bank in 19 African nations.
The clearing bank gives African firms access to China’s on-shore payment system and CIPS.
Standard Bank processed $500 million in yuan trades on CIPS within four months.
Standard Bank is the first African lender with RMB clearing status.
ICBC, already clearing RMB in 12 nations, now serves the 19 African markets of Standard Bank.

1 of 1

Story summary

China’s bank authorized Standard Bank and ICBC to run an RMB clearing bank in 19 African nations.
The clearing bank gives African firms access to China’s on-shore payment system and CIPS.
Standard Bank processed $500 million in yuan trades on CIPS within four months.
Standard Bank is the first African lender with RMB clearing status.
ICBC, already clearing RMB in 12 nations, now serves the 19 African markets of Standard Bank.