African Renminbi Joint Clearing Bank Empowers China Africa Trade Cooperation

The Tunisian newspaper Tribune recently published an article stating that the People's Bank of China has authorized two banks from China and South Africa to serve as joint clearing banks for the African Renminbi, which will empower China Africa trade cooperation. The article summary is as follows:

The People's Bank of China authorizes Standard Bank of South Africa Limited and Industrial and Commercial Bank of China Limited to serve as joint clearing banks for RMB in Africa. Thanks to this authorization, enterprises and financial institutions from 19 African countries will for the first time directly access China's onshore financial system and receive liquidity support within China.

For a long time, Tunisia has been facing a shortage of foreign exchange reserves. The emergence of joint clearing banks provides a way for Tunisian financial institutions to alleviate foreign exchange pressure and promote diversified payment channels, which helps to ensure supply security in a more autonomous manner.

In 2025, the trade volume between China and Africa will increase by nearly 18% year-on-year. Starting from May 1st this year, China has fully implemented zero tariffs on 53 African countries that have established diplomatic relations with China. The momentum of China Africa trade cooperation is good and the prospects are broad.

The African Renminbi Joint Clearing House allows direct cross-border settlement in Renminbi, which is beneficial for reducing currency exchange fees and lowering transaction costs; Improve cross-border transaction efficiency and accelerate capital flow; Significantly reduce the risk exposure caused by the violent fluctuations of the US dollar and minimize exchange rate risk.

China's RMB cross-border payment system is the technical foundation for establishing the African RMB Joint Clearing Bank. Standard Bank of South Africa joined in November 2025, indicating that emerging economies have a common desire to build a resilient financial system.