RMB Clearing Bank for Africa empowers China-Africa trade cooperation: Tunisian media

TUNIS, July 6 — The People’s Bank of China has recently authorized the Standard Bank of South Africa Limited and the Industrial and Commercial Bank of China Limited to jointly serve as the RMB Clearing Bank for Africa, which will empower China-Africa trade cooperation, Tunisian newspaper Tunisie Tribune has said.

Thanks to this authorization, enterprises and financial institutions from 19 African countries will directly access China’s onshore financial system and tap into its domestic liquidity support for the first time, it said in a recently-published article.