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.