Standard Bank now authorised to clear Chinese currency
Standard Bank has announced that it has been jointly authorised, along with the Industrial and Commercial Bank of China Limited (ICBC), to clear Renminbi (RMB) in Africa.
Standard Bank said it is the first African-based bank to receive this authorisation.
The Renminbi is the official name of China’s currency, issued by the People’s Bank of China. The units of account are more commonly referred to as Yuan, but both refer to the same currency.
In November 2025, Standard Bank became the first on the continent to be authorised to participate in China’s Cross-Border Interbank Payment System (CIPS).
CIPS enables interbank payments between Africa and China using the Chinese RMB as the underpinning currency.
Standard Bank and ICBC will operate jointly as the “Renminbi Clearing Bank of Africa” with operational capacity to clear RMB in 19 African countries.
The Renminbi Clearing Bank of Africa is the first RMB clearing bank named after a continent and the first to be jointly operated by two commercial banks.
Leveraging ICBC’s leading RMB capabilities and Standard Bank Group’s strong African network, the clearing bank will serve as a core hub for RMB business across Africa, significantly enhancing the efficiency of RMB fund flows for various market participants.
RMB Clearing Bank status provides exclusive access to China’s onshore financial system, including access to capital markets, liquidity, and payments innovations.
“This new service will provide our clients with transparent, efficient and cost-effective payment solutions between China and Africa,” said Standard Bank’s corporate and investment operations lead, Richard de Roos.
This will support trade and investment between the various economies, he said.
According to the latest edition of the Standard Bank Africa Trade Barometer, cross-border trade preferences among businesses in the 10 African markets surveyed have shifted notably.
Asian countries are now the preferred partners for an average of 35% of respondents, up from 24% in 2024.
China continues to dominate as the leading source of inputs, cited by 67% of surveyed businesses, with competitive pricing, product variety, and supply chain reliability highlighted as the key drivers of this preference.
“China is Africa’s largest export market, and with clearer status added to CIPS participation, Standard Bank is even better placed to support Africa’s trade with China,” de Roos said.
“We expect demand for these services to continue to expand.”
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