Standard Bank authorized to clear Renminbi in Africa

Standard Bank has announced that it has been jointly authorized, alongside the Industrial and Commercial Bank of China Limited (ICBC), to act as a clearing bank for the Renminbi (RMB) in Africa. This marks a historic milestone, with Standard Bank becoming the first African-based bank to receive such authorization. The Renminbi, issued by the People’s Bank of China, is China’s official currency.