China challenges dollar dominance with Africa-wide yuan clearing hub

China challenges dollar dominance with Africa-wide yuan clearing hub

China appoints Standard Bank and ICBC to operate Africa's first continent-wide yuan clearing hub, deepening renminbi trade settlement and challenging the greenback's dominance in China-Africa commerce.

China Approves Africa’s First Yuan Hub

The Africa yuan trading hub has received approval from China, marking a major step in expanding direct Renminbi (RMB) trade across the African continent. The new system will allow businesses and financial institutions in 19 African countries to settle cross-border transactions directly in Chinese Yuan instead of converting through the U.S. dollar. How the Africa Yuan Trading Hub Will Work Under the new framework, Standard Bank Group and Industri…