07/12/2025
South African 🇿🇦 Firms Shift to Yuan for Payments to Chinese Suppliers, Bypassing US Dollar
Africa has taken a major step in reshaping how it conducts trade with China after South Africa's Standard Bank became the first African bank to integrate directly with China’s Cross-Border Interbank Payment System, CIPS.
CIPS enables African businesses to pay Chinese suppliers in yuan, circumventing the use of the US dollar for transactions.
The integration, initiated at an event by the South African Reserve Bank, strengthens Africa-China financial cooperation.
