China Names Africa's First Renminbi Clearing Bank

China approves Standard Bank, ICBC as joint RMB clearing bank for Africa

China's central bank said on Friday that it has authorized Standard Bank, Africa's largest lender, and the Industrial and Commercial Bank of China to jointly serve as the RMB clearing bank for Africa.

China Names Africa's First Renminbi Clearing Bank

Renminbi clearing in Africa now has a home: China named Standard Bank and ICBC to settle yuan trade across 19 countries, easing reliance on the dollar.

China approves Standard Bank, ICBC for Africa yuan clearing

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

Africa’s largest lender, Standard Bank, has won approval by China to clear yuan payments across 19 African countries, in what financial analysts describe as major trade reshaping. The move will provide African businesses trading with China direct access into China’s onshore financial system for the first time, as well as enable them gain faster and […] The post China gives Standard Bank approval to clear yuan payment in 19 African countries appe…

Standard Bank and ICBC authorised to clear renminbi transactions - Asset Servicing Times

The two banks will operate jointly as the ‘Renminbi Clearing Bank of Africa’ with operational capacity to clear RMB in 19 African countries

Standard Bank deal cuts the dollar out of China trade

Standard Bank has become the first African-based lender authorised to clear renminbi transactions on the continent.