May 18
Absa weighs joining yuan payments platform to boost China-Africa trade
Absa is evaluating joining a yuan payments platform for direct China-Africa settlements, following Standard Bank's move onto China's CIPS network.
➤ Absa is considering joining a yuan payments platform to facilitate direct China-Africa settlements, aiming to reduce costs and dollar dependency. ➤ This move follows Standard Bank's integration with China's CIPS network, highlighting a growing trend of yuan adoption in Africa. ➤ While offering benefits like lower transaction costs and reduced currency risk, the initiative faces challenges related to China's capital controls and execution complexity.