China’s central bank said on Friday that it has authorized Standard Bank, Africa’s largest lender, and the Industrial and Commercial Bank of China to jointly serve as the RMB clearing bank for Africa.
This is a significant step by ICBC, China’s largest State-owned commercial bank, to promote the cross-border use of the RMB, support an independent and controllable cross-border RMB payment system, and foster growth in the offshore RMB market.
The move also marks the first time two commercial banks have been authorized to jointly serve as an RMB clearing bank.
ICBC currently serves as an RMB clearing bank in 12 countries. The latest authorization extends its clearing network to the 19 African countries where Standard Bank Group operates.
The joint RMB clearing bank for Africa will significantly enhance the quality and efficiency of RMB fund flows for market entities across Africa, ICBC said, providing solid financial support for bilateral infrastructure connectivity, trade facilitation and financial integration, and helping further consolidate the All-Weather China-Africa Community with a Shared Future for the New Era.
Standard Bank Group is Africa’s largest banking group by assets, with business operations spanning commercial banking, investment banking and life insurance.
Leveraging its strategic equity investment in Standard Bank Group, ICBC said it will continue deepening its comprehensive strategic partnership with the two banks, achieving broad coverage of the African market and providing clients with comprehensive financial solutions, including trade finance, international settlement, cash management, project finance, syndicated loans and financial market transactions.
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