A New Way to Get Paid: What Standard Bank's RMB Clearing Role Means for SA Exporters

A New Way to Get Paid: What Standard Bank's RMB Clearing Role Means for SA Exporters

China’s central bank has picked Standard Bank and ICBC to handle Chinese currency (RMB) payments for Africa. This may sound technical, but it’s a big deal. For the first time, South African businesses have a local bank that can clear RMB payments directly with China’s financial system.   In the past, if a Chinese buyer paid a South African exporter, the money usually had to pass through US dollars first. The journey looked like this: the Chinese…