Standard Bank becomes first African lender authorised to clear China’s renminbi

Standard Bank has become the first African-based bank authorised by the People’s Bank of China (PBOC) to clear transactions in China’s renminbi (RMB), marking a major step in deepening financial links between Africa and its largest trading partner.

The South African lender will jointly operate the Renminbi Clearing Bank of Africa with the Industrial and Commercial Bank of China (ICBC), providing RMB clearing services across 19 African countries.

The designation makes the Renminbi Clearing Bank of Africa the first RMB clearing bank named after an entire continent and the first globally to be jointly operated by two commercial banks.

The approval expands Standard Bank’s role in facilitating Africa-China trade and investment by giving it direct access to China’s onshore financial infrastructure, including RMB liquidity, capital markets and payment systems. It is expected to reduce settlement costs and processing times for businesses transacting between Africa and China while lowering reliance on third-country currencies such as the US dollar.

The latest approval builds on the continent’s biggest banking group’s admission into China’s Cross-Border Interbank Payment System (CIPS) in November 2025, when it became the first African bank authorised to participate in the network. CIPS enables cross-border interbank payments in renminbi and serves as China’s alternative to traditional international payment channels.

Together, CIPS participation and RMB clearing status position Standard Bank as a key gateway for renminbi transactions across the continent, reflecting China’s growing efforts to internationalise its currency and facilitate trade settlement in local currencies.

Leveraging ICBC’s global RMB capabilities and Standard Bank’s extensive African footprint, the two banks said the clearing platform will serve as a central hub for renminbi transactions across Africa, improving the efficiency of cross-border fund flows for corporates, financial institutions and investors.

Richard de Roos, head of operations for Corporate and Investment Banking at Standard Bank, said the authorisation reinforces the bank’s commitment to supporting Africa’s economic growth.

“We are immensely proud to be the first African bank to be granted clearing status. This status speaks to our purpose of promoting the continent’s growth and meeting our clients where they need us most,” he said.

According to de Roos, the new service will provide clients with more transparent, efficient and cost-effective payment solutions between China and Africa, helping to accelerate trade and investment flows between the two regions.

“China is Africa’s largest export market, and with clearing status added to our CIPS participation, Standard Bank is even better placed to support Africa’s trade with China. We expect demand for these services to continue to expand,” he said.

The authorisation comes as trade between China and Africa continues to grow, increasing demand for faster and more efficient settlement of cross-border transactions in renminbi. Direct clearing infrastructure is expected to strengthen financial connectivity between Chinese and African institutions while supporting broader use of the Chinese currency in trade, investment and capital market activities.