Standard Bank Opens China's CIPS To African Trade The Rio Times

(MENAFN- The Rio Times) South Africa · Banking

Key Facts

- First mover: Standard Bank is the first African bank to offer access to China's Cross-Border Interbank Payment System (CIPS), live since 20 November 2025.

- Volume: It had cleared more than RMB 8 billion (about US$1.1 billion) through CIPS by July 2026.

- Clearing bank: In June 2026, China approved Standard Bank and ICBC as Africa's first authorised renminbi clearing arrangement, covering 19 African countries.

- Early flow: About RMB 3.39 billion (about US$470 million) moved in the first four months.

- The China link: ICBC has held 20% of Standard Bank since a 2007 deal worth US$5.5 billion.

- Trade backdrop: China–South Africa trade hit a record of roughly US$56.7 billion in 2022, and 2025 tariff cuts have spurred yuan use.

Africa's biggest bank has quietly become the continent's gateway for settling trade in yuan - and this year Beijing made the arrangement official.

When Africa trades with China, the money has traditionally taken a detour through US dollars. Standard Bank is trying to remove that step. The Johannesburg-based lender - Africa's largest by assets - became the first African bank to offer access to China's Cross-Border Interbank Payment System (CIPS) in November 2025, and in June 2026 it was approved, alongside part-owner ICBC, as the continent's first authorised yuan clearing arrangement. If you move goods between Africa and China, the plumbing behind your payments is changing.

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CIPS is China's home-grown network for settling payments in renminbi - a rough analogue to the dollar-centric systems that dominate global trade. Standard Bank went live on it on 20 November 2025 as the first African bank to offer the service, letting clients pay Chinese suppliers directly in yuan rather than converting to dollars first.

The bigger step came in June 2026, when China approved Standard Bank and ICBC as Africa's first authorised renminbi clearing bank, an arrangement spanning 19 African countries. A clearing role is more than access: it makes Standard Bank a hub through which yuan payments across much of the continent can be settled, deepening the currency's footprint in African trade.

How much is actually flowing

The volumes are early but real. Standard Bank processed about RMB 3.39 billion (about US$470 million) in its first four months on CIPS, and by July 2026 the cumulative total had passed RMB 8 billion (about US$1.1 billion). Those are modest sums against total China–Africa trade, but the growth curve is what matters - and the clearing-bank status is designed to steepen it.

The relationship behind all this is two decades old. ICBC, China's biggest bank, bought 20% of Standard Bank in 2007 for US$5.5 billion, still one of the largest single foreign investments into an African company. That stake is why Standard Bank, rather than a rival, sits at the centre of the yuan's African expansion.

Why yuan, why now

China is South Africa's largest trading partner, with two-way trade reaching a record of roughly US$56.7 billion in 2022. Beijing has been pushing to settle more of that trade in its own currency, and in 2025 it removed tariffs on goods from many African countries - a move that lifted trade volumes and, with them, demand for yuan settlement.

For African importers and exporters, settling directly in renminbi can cut currency-conversion costs and shorten payment times. For the broader 'de-dollarisation' conversation that runs through BRICS, a working African yuan-clearing hub is a concrete step rather than a talking point - which is why this quiet piece of financial plumbing is worth watching.

Frequently Asked Questions

What is CIPS?

CIPS is China's Cross-Border Interbank Payment System, launched in 2015 to settle international payments in renminbi. Standard Bank is the first African bank to offer access to it, live since November 2025.

What changed in June 2026?

China approved Standard Bank and ICBC as Africa's first authorised renminbi clearing arrangement, covering 19 African countries - a step beyond simply accessing CIPS.

How much has Standard Bank cleared?

About RMB 3.39 billion (roughly US$470 million) in the first four months, rising to more than RMB 8 billion (about US$1.1 billion) by July 2026.

Sources

Standard Bank Moneyweb The EastAfrican TechAfrica News

The Big Picture

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