The Nanyang Technological University posted on 26 June 2025 an article titled "Yuan Payments System Makes Inroads in Africa."
China has added two African financial institutions--African Export-Import Bank and the Johannesburg-based Standard Bank--to its Cross-border Interbank Payments System (CIPS), which is an alternative to the Swift international payments network.
CIPS enables Chinese and foreign banks to clear and settle cross-border payments in Chinese Yuan. The system is a key part of China's strategy to promote the use of the Yuan in global trade and insulate it from potential adverse Western actions.
