As more local banks connect with RMB cross-border payment systems, businesses are gaining broader access to RMB services, while links between the RMB and local financial markets are becoming closer, Huang said.

　　These developments mark a transition from individual banks providing RMB services to a broader ecosystem involving payment systems, clearing banks and commercial banks.

　　For market participants, payment convenience, transfer efficiency and access to RMB liquidity can all influence their willingness to use the currency.

　　The continued development of payment infrastructure is therefore an important factor in expanding the cross-border use of the RMB in Africa.

　　GROWING FINANCING

　　If trade settlement provides the foundation for international RMB use, financing and asset allocation represent a deeper stage of currency internationalization.

　　This trend is emerging in African financial markets. According to Kenya's 2026/2027 Annual Borrowing Plan, the Kenyan government plans to explore issuing RMB-denominated panda bonds as part of efforts to diversify external financing sources and ease fiscal pressures.

　　Egypt issued 3.5 billion yuan (521.5 million dollars) in panda bonds in 2023, becoming the first African country to issue panda bonds in China's domestic bond market. In 2025, the African Export-Import Bank issued a 2.2 billion yuan (327.8 million dollars) panda bond, the first such issuance by an African multilateral development bank.

　　The expansion from trade settlement to bond financing shows that the RMB is taking on a broader role in international economic activities.