With China granting zero-tariff treatment to 53 African countries with which it has diplomatic relations, trade facilitation between China and Africa is expected to improve further, potentially generating additional demand for cross-border RMB services.

　　People attend a ceremony to mark the Bank of China's 10th anniversary as a renminbi (RMB) clearing bank in Zambia, in Lusaka, Zambia, on May 23, 2025. (Xinhua/Peng Lijun)

　　IMPROVING RMB ACCESSIBILITY

　　While trade explains why businesses choose a currency, financial infrastructure determines how easily they can use it.

　　Africa provides a clear example of this process. In late July, Stanbic Bank Kenya launched CIPS services, followed in August by Standard Bank Namibia, which became the first bank in the country to provide such services. Standard Bank of South Africa was previously the first African commercial bank to join CIPS.

　　In June, the People's Bank of China authorized Standard Bank of South Africa and the Industrial and Commercial Bank of China to serve as joint RMB clearing banks for Africa, further strengthening the region's cross-border RMB payment and clearing network.

　　Bank of China said its RMB business currently covers more than 20 African countries, with the bank serving as an RMB clearing bank in South Africa, Zambia and Mauritius.

　　Huang Meibo, dean of the Institute for International Development Cooperation at Shanghai University of International Business and Economics, told Xinhua that improved payment infrastructure is making cross-border RMB transactions more convenient in African markets.