May 18
Absa Weighs Joining Yuan Platform on Thriving China-Africa Trade
➤ Absa Group is considering joining China's CIPS platform to facilitate direct yuan settlements for growing China-Africa trade, aiming to reduce costs and reliance on the US dollar. ➤ This move follows similar applications by Standard Bank and Ecobank, highlighting a regional trend towards alternative payment systems to mitigate foreign exchange volatility and dollar shortages. ➤ The bank also anticipates potential impacts from the Iran war on supply chains, inflation, and credit quality, while exploring acquisitions in Kenya to boost market share.