China and Standard Bank Launch Joint RMB Clearing Bank Across 19 African Nations

On 27 June 2026, People’s Bank of China (PBoC) authorized Standard Bank Group and Industrial and Commercial Bank of China (ICBC) to jointly operate an RMB clearing bank for Africa. The arrangement covers 19 African countries where Standard Bank maintains a presence, marking the first continent-wide jointly run RMB clearing institution.

China DailyChina gives Standard Bank approval to clear yuan payment in 19 African countries

China’s trade with Africa has expanded since Forum on China-Africa Cooperation was created in 2000, rising from $10 billion in 2000 to $348 billion in 2025. In May 2024, China removed tariffs on imports from 53 African states, encouraging commerce. New clearing bank builds on these initiatives by linking African firms directly to China’s onshore payment and liquidity system.

China gives Standard Bank approval to clear yuan payment in 19 African countriesChina Daily

• Standard Bank Group – Africa’s largest lender, with assets over $972.90 billion, operating in South Africa, Nigeria, Ghana, Kenya, Angola, Mozambique, Zambia, Zimbabwe, Uganda, Tanzania, Malawi, Namibia, Botswana, Lesotho, Eswatini, Madagascar, Mauritius, the Democratic Republic of the Congo, and Ethiopia.

China gives Standard Bank approval to clear yuan payment in 19 African countries

• Industrial and Commercial Bank of China (ICBC) – China’s largest state-owned commercial bank, already an RMB clearing bank in 12 countries.

China DailyChina gives Standard Bank approval to clear yuan payment in 19 African countries

• People’s Bank of China (PBoC) – China’s central bank, authorizing the joint clearing arrangement.

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The joint clearing bank enables eligible yuan transactions across the 19 African markets, granting businesses direct access to China’s Cross-Border Interbank Payment System (CIPS). Standard Bank joined CIPS in November 2023 and processed roughly $500 million in RMB transactions within four months.

China gives Standard Bank approval to clear yuan payment in 19 African countries

• Trade value between China and Africa reached $348 billion in 2025.

China gives Standard Bank approval to clear yuan payment in 19 African countries

• Standard Bank’s assets total $972.90 billion.

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• ICBC operates RMB clearing services in 12 countries; the partnership expands coverage to 19 African states.

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• The Standard Bank Africa Trade Barometer reports 35 % of surveyed African firms now cite Asian countries as preferred trading partners, up from 24 % in 2024.

China gives Standard Bank approval to clear yuan payment in 19 African countriesChina Daily

The clearing bank is expected to reduce settlement times, lower foreign-exchange conversion costs, and diminish reliance on the US dollar for Africa-China trade. By offering transparent payment solutions, the service may encourage African nations to hold yuan reserves and deepen financial integration for infrastructure projects and syndicated loans.

China gives Standard Bank approval to clear yuan payment in 19 African countries

ICBC described the joint clearing bank as a means to “significantly enhance the quality and efficiency of RMB fund flows for market entities across Africa,” adding it will provide “solid financial support for bilateral infrastructure connectivity, trade facilitation and financial integration.” Standard Bank’s head of corporate and investment banking, Richard de Roos, highlighted the service’s role in supporting “trade and investment between the world’s most dynamic economies.”

China DailyChina gives Standard Bank approval to clear yuan payment in 19 African countries

> “This new service will provide our clients with transparent, efficient and cost-effective payment solutions between China and Africa, supporting trade and investment between the world’s most dynamic economies.” — Richard de Roos, Head of Corporate and Investment Banking, Standard Bank

China gives Standard Bank approval to clear yuan payment in 19 African countries

Standard Bank plans to expand yuan settlement capabilities and promote yuan reserves among African central banks. Ongoing monitoring will track CIPS transaction volumes and assess trade-pattern impacts as the joint clearing bank matures.

China Daily