China picks Standard Bank to process Yuan payments in Kenya, other African countries
China has approved Standard Bank Group and the Industrial and Commercial Bank of China (ICBC) to operate Africa’s first Renminbi (RMB) clearing hub, a move expected to make trade and payments between China and African countries faster and cheaper. 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. Read More