China picks Standard Bank to process Yuan payments in Kenya, other African countries

The approval by the People's Bank of China will allow businesses to settle transactions directly in Chinese yuan instead of routing payments through the US dollar or other currencies. The hub will serve the 19 African markets where Standard Bank operates...

✨ Key Highlights

China has approved Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) to operate Africa’s first Renminbi (RMB) clearing hub, aiming to streamline trade and payments between China and African nations.

The hub will facilitate direct transactions in Chinese yuan, bypassing the US dollar for international trade.
Key figures involved include Standard Bank Group and the Industrial and Commercial Bank of China (ICBC).
This initiative is expected to significantly lower transaction costs for businesses, particularly impacting countries like Kenya, which imports heavily from China.

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