Absa weighs joining yuan payments platform to boost China-Africa trade
Absa, one of South Africa's largest banks, is considering joining a yuan-based payments platform to facilitate direct transactions in Chinese renminbi. This move aims to enhance trade between Africa and China while reducing reliance on the US dollar. The initiative comes as other African banks, like Standard Bank, are also adopting similar yuan settlement capabilities.
- ▪Absa is exploring membership in a yuan-based payments platform for cross-border transactions.
- ▪The move could significantly alter financial interactions between Africa and China.
- ▪Standard Bank has already begun processing yuan transactions through China's Cross-Border Interbank Payment System.
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<img src="https://static.cryptobriefing.com/wp-content/uploads/2026/05/18014239/s-africa-s-absa-aims-to-harness-chinese-corporate-africa-pus-1-800x420.jpeg" alt="Absa weighs joining yuan payments platform to boost China-Africa trade" class="w-full aspect-[19/10] object-cover" /> Absa weighs joining yuan payments platform to boost China-Africa trade South Africa's Absa is exploring direct yuan settlement capabilities as African banks race to build payment rails that bypass the US dollar. Share Add us on Google by Editorial Team May. 18, 2026 One of South Africa’s largest banks is eyeing a seat at China’s payments table.
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