Standard Bank Makes History as First African Bank to Clear Chinese RMB
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Standard Bank has become the first African-based bank authorised by the People’s Bank of China (PBOC) to clear the Chinese Renminbi (RMB).
The authorisation allows Standard Bank and the Industrial and Commercial Bank of China (ICBC) to jointly operate as the Renminbi Clearing Bank of Africa, providing RMB clearing services across 19 African countries.
“Standard Bank and the Industrial and Commercial Bank of China (ICBC) have been jointly authorised by the People’s Bank of China (PBOC) to clear renminbi in Africa. The two banks will operate jointly as the ‘Renminbi Clearing Bank of Africa’ with operational capacity to clear RMB in 19 African countries,” read part of the banks’ statement.
The move is expected to strengthen trade and investment between Africa and China by making cross-border payments in Chinese currency faster and more efficient.
Standard Bank and ICBC to Operate Africa’s RMB Clearing Hub
The two institutions said the partnership combines ICBC’s RMB expertise with Standard Bank’s extensive African network to create a central hub for RMB business across the continent.
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According to the banks, the clearing hub will improve the efficiency of Renminbi fund flows for businesses, financial institutions, and other market participants involved in Africa-China trade.
This approval follows Standard Bank’s admission into China’s Cross-Border Interbank Payment System (CIPS) in November 2025.
Therefore, joining CIPS enabled the bank to process cross-border interbank payments directly in Renminbi, strengthening financial connectivity between African markets and China.
Approval Provides Access to China’s Financial Markets
According to Standard Bank, the RMB clearing status provides exclusive access to China’s onshore financial system, including capital markets, liquidity, and payment innovations.
The bank said the development is expected to improve the availability of Renminbi for businesses operating across Africa while streamlining payment processes for companies trading with Chinese partners.
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Richard de Roos, Head of Operations for Corporate and Investment Banking at Standard Bank, described the approval as a landmark achievement for both the bank and the continent.
“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.
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Standard Bank Becomes First African Bank to Clear Chinese RMB. Photo/ file