Standard Bank and ICBC authorised to clear renminbi transactions
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Standard Bank and ICBC authorised to clear renminbi transactions 26 June 2026Africa, China Reporter: Carmella Haswell
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Standard Bank and the Industrial and Commercial Bank of China (ICBC) have been jointly authorised by the People鈥檚 Bank of China (PBOC) to clear renminbi in Africa.
The two banks will operate jointly as the 鈥楻enminbi Clearing Bank of Africa鈥� with operational capacity to clear RMB in 19 African countries.
The Renminbi Clearing Bank of Africa is the first RMB clearing bank named after a continent and the first to be jointly operated by two commercial banks.
Leveraging ICBC鈥檚 RMB capabilities and Standard Bank Group鈥檚 African network, the firms say the clearing bank will serve as a core hub for RMB business across Africa, significantly enhancing the efficiency of RMB fund flows for various market participants.
According to Standard Bank, the clearing bank status provides exclusive access to China鈥檚 onshore financial system, including access to capital markets, liquidity, and payments innovations.
Richard de Roos, head of operations for Corporate & Investment Banking at Standard Bank, says: 鈥淲e are immensely proud to be the first African bank to be granted clearing status. This status speaks to our purpose of promoting the continent鈥檚 growth and meeting our clients where they need us most.
鈥淭his new service will provide our clients with transparent, efficient, and cost-effective payments solutions between China and Africa, supporting trade and investment between the world鈥檚 most dynamic economies.鈥�
Standard Bank is the first African-based bank to receive this authorisation. In November 2025, the bank also became the first on the continent to be authorised to participate in China鈥檚 Cross-Border Interbank Payment System (CIPS).
CIPS enables interbank payments between Africa and China using Chinese RMB as the underpinning currency.
鈥淐hina is Africa鈥檚 largest export market, and with clearer status added to CIPS participation, Standard Bank is even better placed to support Africa鈥檚 trade with China. We expect demand for these services to continue to expand,鈥� concludes de Roos.
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