Standard Bank Becomes First African Bank Authorized to Clear Chinese Renminbi Transactions

In a significant boost to Africa-China trade ties, Standard Bank Group, Africa’s largest bank by assets, has been jointly authorized with the Industrial and Commercial Bank of China (ICBC) by the People’s Bank of China (PBoC) to clear Renminbi (RMB/yuan) transactions across the continent.

This milestone makes Standard Bank the first African-based bank to receive RMB clearing status. The two institutions will operate together as the Renminbi Clearing Bank of Africa, with the ability to clear RMB in 19 African countries. It marks the first RMB clearing bank named after an entire continent and the first jointly operated by two commercial banks.

The partnership combines ICBC’s expertise in RMB operations with Standard Bank’s extensive network across Africa, creating a central hub for RMB business. This will improve the speed, efficiency, and cost-effectiveness of fund flows between China and African markets, while providing direct access to China’s onshore financial system, including capital markets, liquidity support, and payment innovations.

In November 2025, Standard Bank had already achieved another first by becoming the initial African bank to join China’s Cross-Border Interbank Payment System (CIPS). That integration enabled direct interbank payments in RMB, reducing reliance on the US dollar and lowering transaction costs and settlement times for businesses.

Richard de Roos, Head of Operations for Corporate & Investment Banking at Standard Bank, said: “We are immensely proud to be the first African bank to be granted clearing status. This new service will provide our clients with transparent, efficient and cost-effective payments solutions between China and Africa, supporting trade and investment between the world’s most dynamic economies.”

China remains Africa’s largest trading partner and top export market. Recent data from the Standard Bank Africa Trade Barometer shows a clear shift: Asian countries are now the preferred trading partners for an average of 35% of businesses surveyed across 10 African markets (up from 24% in 2024). China alone is cited by 67% of respondents as the leading source of inputs, driven by competitive pricing, product variety, and reliable supply chains.