Africa’s shift toward China’s yuan gathers pace as Angola’s banking sector embraces Beijing’s payment network
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3 Articles
China's New Phase of Financial Statecraft and RMB Internationalisation
China's latest push to internationalize the renminbi is driven less by ambitions to challenge the U.S. dollar's global dominance than by efforts to build a more resilient financial system that reduces dependence on Western-led financial infrastructure and strengthens China's strategic autonomy amid growing geopolitical competition.
China is rapidly implementing large-scale measures to accelerate the internationalization of the yuan, including developing financial infrastructure and expanding the international reach of the digital yuan. Will China's aim to reduce its dependence on the US dollar ultimately change the framework of the global economy?
Africa’s shift toward China’s yuan gathers pace as Angola’s banking sector embraces Beijing’s payment network
Banco de Fomento Angola (BFA), the country’s second-largest commercial lender, plans to become the first Angolan bank to connect directly to CIPS by next year, responding to growing demand from businesses trading with China. The decision marks another step...
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