Expanding the use of Chinese Yuan in Payments

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The Industrial and Commercial Bank of China (ICBC) and Standard Bank Group announced ten measures on 19 October 2026 to strengthen financial cooperation between China and Africa. The initiatives include expanding access to the Cross-Border Interbank Payment System (CIPS), establishing a 24-hour RMB payment and clearing network, facilitating direct currency conversion, and providing more than RMB10 billion in interbank financing facilities for African financial institutions. The measures aim to promote the use of the Chinese currency, the renminbi (RMB), in cross-border trade, payments and investment.

Read more from the sources below:

MOFCOM,  2026, Xinhua Net, 2026, China Daily, 2026, China Daily 2, 2026, LGMI, 2026,

Ten Measures 2026




#RMB #ChinaAfrica #CrossBorderPayments #AfricaBusiness #Renminbi #FinanceInAfrica

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