Kenya: China Picks Standard Bank to Process Yuan Payments in Kenya, Other African Countries

Kenya: China Picks Standard Bank to Process Yuan Payments in Kenya, Other African Countries

Nairobi -- China has approved Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) to operate Africa's first Renminbi (RMB) clearing hub, a move expected to make trade and payments between China and African countries faster and cheaper.

China-Africa trade hits record 1.41 trln yuan in H1 as imports from Africa surge

China-Africa trade reached a record 1.41 trillion yuan ($197 billion) in the first half of 2026, with imports from Africa rising sharply after China introduced zero-tariff treatment for all African countries that have diplomatic ties with it, Chinese Foreign Ministry spokesperson Lin Jian said on Monday.

China approves Africa's first yuan clearing hub to boost Kenya-China trade

China has approved Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) to operate Africa’s first Renminbi (RMB) clearing hub, a move expected to make trade and cross-border payments between China and African countries faster, cheaper and more efficient. The approval, granted by the People’s Bank of China, will allow businesses to settle transactions directly in Chinese yuan instead of relying on the US dollar or other inte…

China-Africa Salon: Africa's industrial takeoff

China and Africa pursuing modernization together, with no country left behind, is a very large undertaking, said Xiang Wenbo, chairman of Sany Heavy Industry,...

Economic fortunes tied to trade: BoC survey

The future of trade relations is at the heart of the outlook for the Canadian economy, according to the Bank of Canada’s latest survey of market participants. The central bank issued the results of its second-quarter survey, conducted from June 11 to 18 with 26 financial market players, on Monday. The median GDP growth forecast for 2026 was 1.3%, rising to 1.9% for 2027, in the latest survey.   The trajectory of trade tensions was cited as both …

Standard Bank Passes CNY 8 Billion in CIPS Payments as Africa-China Trade Grows

Standard Bank has processed more than CNY 8 billion which’s about $1.2 billion in cross-border payments through the Interbank Payment Systems. This shows that trade between Africa and China is increasing and more people want to use the Renminbi for settlements across the continent. This milestone happened over a year after Standard Bank was the … The post Standard Bank Passes CNY 8 Billion in CIPS Payments as Africa-China Trade Grows appeared fi…