Zambia to Settle Some Copper Sales in Chinese Yuan

 Business Insider Africa published on 15 October 2025 an article titled "Zambia to Settle Some Copper Sales in Chinese Yuan as Africa's Biggest Trading Partner Steps Up Challenge to Dollar Dominance" by Adekunle Agbetiloye.

Starting early next year, Zambia will accept the Chinese yuan for some copper exports, marking a move away from US dollar dependency.  China's push to internationalize the yuan is gaining momentum as growing numbers of yuan settlements strengthen China-Africa commercial relations.

Togo's Ecobank Joins China's Payments System

 Semafor published on 12 October 2026 an article titled "Ecobank Arees to Join Chinese Payment Platform."

Togo-based Ecobank has joined a growing number of African banks by agreeing to a partnership with the China Interbank Payments System (CIPS) to enable transaction settlements in the yuan currency.

Another African Bank Joins China's Cross Border Payments Network

 Business Insider Africa published on 24 September 2026 an article titled "Rwanda's Most Important Bank Joins China's Payment Network as Africa's De-dollarisation  Push Grows" by Chinedu Okafor.

Rwanda's Bank of Kigali has joined China's cross border payment network known as CIPS.   This is one more indication that African banks are seeking to de-dollarize.  

Chinese Bank Invested in South Africa's Standard Bank to Raise $15 Billion

 Business Insider Africa published on 7 September 2026 an article titled "China Lines Up $15 Billion Capital Boost for Biggest Shareholder in Africa's Largest Bank" by Ayodeji Adegboyega.

The Industrial and Commercial Bank of China (ICBC) plans to raise as much as $15 billion.  ICBC holds about 20 percent of the shares of South Africa's Standard Bank, which operates in 20 African countries.  The new ICBC capital is intended for its balance sheet and has not been earmarked for Standard Bank or African projects.

Libya Joins China's Payment System

 The Middle East Monitor published on 19 July 2026 an article titled "Libya Joins China's Payment System, Reducing Reliance on US Dollar."

The governor of the Central Bank of Libya and the governor of the People's Bank of China agreed to connect Libyan commercial banks to China's Cross-Border Interbank Payment System (CIPS).  This will facilitate international transfers using the Chinese yuan, reducing reliance on the US dollar by eliminating the need to process transactions through intermediary banks.

China's New Gold Strategy Runs Through Africa

 TrendsNAfrica published on 1 July 2026 an article titled "China's New Gold Strategy Runs Through Africa:  How Beijing Is Rewriting the Global Bullion Market."

Beijing is quietly reshaping the mechanics of the international gold trade.  Its strategy involves dismantling speculative domestic paper-gold trading while building an international ecosystem centered on physical bullion, yuan-based settlements, and African mineral wealth.

About 40 percent of the world's remaining underground gold reserves are located in Africa.  China is reducing its holdings of US Treasury securities and replacing them with gold purchases, especially in Africa.  

Angolan Banks Add Chinese Yuan to Foreign-Currency Reserve Requirements

 360 Angola posted on 10 July 2026 an article titled "Angola's Central Bank Adds Chinese Yuan to Foreign-Currency Reserve Requirements."

The National Bank of Angola has determined that commercial banks operating in the domestic market must now include the Chinese renminbi (yuan) as an eligible currency for making mandatory foreign-currency reserve requirements.  This decision is an indication of Angola's deepening financial ties with China.

China Expands Yuan Clearing in Africa

 Reuters published on 26 June 2026 an article titled "China Approves Standard Bank, ICBC for Africa Yuan Clearing" by Colleen Goko.

China's central bank authorized South Africa's Standard Bank and the Industrial and Commercial Bank of China (ICBC) to clear Renminbi across Africa, as Beijing steps up efforts to promote the global use of its currency.  Standard Bank and ICBC will operate jointly as the "Renminbi Clearing Bank of Africa" with authority to clear the currency in 19 African countries.

Mozambique Considers Converting Dollar Debt for Chinese Yuan

 Bloomberg published on 5 May 2026 an article titled "Mozambique Weighs Swapping Dollar Debt for Yuan in China Talks" by Tavares Cebola.

Mozambique is considering converting the $1.4 billion it owes China into yuan loans as part of a debt restructuring with its biggest bilateral creditor.  

African Bank Explores Chinese Yuan Payments Program

 Nigeria Startup News posted on 24 April 2026 an article titled "Ecobank Moves to Enable Direct Yuan Payments for Africa-China Trade by 2026" by Paulinus Sunday. 

Pan-African Ecobank is in discussion with the Bank of China to establish a settlement framework that would allow payments to be made in Chinese yuan by the end of 2026, reducing dependence on the U.S. dollar.  Ecobank's yuan settlement plan signals a growing shift towards a more diversified and multipolar payments ecosystem for African trade.

Ethiopia-China Debt Talks

 The Ethiopian News Agency posted on 3 April 2026 an article titled "Landmark Ethiopia-China Talks Unlock Debt Deal, New Airport Financing."

Discussions between the Ethiopian and Chinese ministers of finance "marked a meaningful step" in restructuring Ethiopia's existing debt stock.  They reportedly reached agreement on debt treatment but did not sign a final agreement.

Ethiopia Today published on 3 April 2026 an article titled "From Dollars to Yuan: Ethiopia and China Move Toward a New Era of Financial Cooperation."

Reporting on a meeting between the governors of the National Bank of Ethiopia and the People's Bank of China, this account said the two countries are exploring an aggressive shift toward the Chinese Renminbi (RMB) to bypass the U.S. dollar in bilateral trade.

Kenya Converts Chinese Loans from Dollar to Yuan Denomination

 Kenya's Sharp Daily published on 30 January 2026 an article titled "Kenya's Shift to Yuan-Denominated Debt: Economic Strategy, Risks, and Regional Momentum" by Ryan Macharia.

Kenya has converted three dollar-denominated loans with the Export-Import Bank of China into yuan, a restructuring expected to reduce annual debt servicing costs to China by $215 million annually.  Yuan-denominated interest rates are lower than their dollar counterparts, easing pressure on Kenya's public finances and reducing exposure to US interest rate cycles.

The International Monetary Fund cautions, however, that while currency conversion can reduce near-term costs, it also introduces exposure to Chinese currency fluctuations, which may pose new currency risks if not matched with sufficient yuan revenue streams or hedge strategies.  

Chinese Loan Commitments to Africa Fall in 2024

 Reuters published on 22 January 2026 an article titled "China's Africa Lending Nearly Halved in 2024, Shifts to Yuan" by Colleen Goko.  

Chinese lending to Africa fell to $2.1 billion in 2024, almost 50 percent less than in 2023 and one-tenth of its peak lending year to Africa in 2016 when it loaned $28.8 billion.  The lower levels of lending reflect China's move away from large infrastructure projects such as railways and roads and toward smaller, commercially viable projects.

China has also increasingly pivoted away from dollar-denominated megaprojects characteristic of the early Belt and Road Initiative and toward smaller-scale financing denominated in yuan.  The five highest recipients of Chinese loans from 2000 through 2024 are Angola, Ethiopia, Kenya, Zambia, and Nigeria.

Africa Becomes a Testing Ground for China's Yuan Globalization

 Discovery Alert, an AI-powered mining news publisher, posted on 19 January 2026 an article titled "China's Yuan Globalisation in Africa Accelerates Through 2026" by Muflih Hidayat.  

Africa is emerging as the testing ground for the Chinese yuan to replace the US dollar as China becomes more dominant in African trade.  Factors that support continued growth in China's yuan globalization in Africa are trade expansion, infrastructure investment, debt restructuring, regional integration, and technology advancement.  

Zambia First African Country to Allow Chinese Companies to Pay Taxes in Yuan

 Bloomberg published on 19 January 2026 an article titled "China Plants Another Africa Marker in Campaign to Globalise Yuan."

Zambia is the first African country to let Chinese companies pay taxes in yuan as Beijing seeks to internationalize the currency and dilute dollar dependence.  Other African countries may follow Zambia's example.  

Is China Winning Competition with US for Influence in Africa?

 Singapore's Chinese-language daily, Lianhe Zaobao, published on 30 November 2025 an article titled "Africa's Resource Battle: Has the China-US Contest Already Been Decided?" by Shen Yue. The article reports comments by Amit Jain, Director of the Nanyang Technical University-Singapore Business Federation, (NTU-SBF) Centre for African Studies.  NTU-SBF provided an English-language translation of the article.

The author increasingly sees China as taking the lead over the United States in Africa with critical minerals as the main attraction for both countries.  China is by far the largest trading partner with Africa, albeit heavily Chinese exports to the continent, while US trade with Africa has fallen sharply since its peak in 2009.  Foreign direct investment (FDI) from China and the US varies from year to year but in 2024 Chinese FDI in Africa totaled $3.4 billion while the US figure was a negative $2 billion due to disinvestment.  The US dollar is still the major currency in trade transactions, but the use of Chinese yuan is growing each year.

Bank of China and Ecobank Establish Relationship

 Econfin Agency posted on 24 December 2025 an article titled "Ecobank, Bank of China Sign MOU to Strengthen China-Africa Trade Flows" by Sandrine Gaingne.

Pan-Africa banking group Ecobank and Bank of China (Mauritius) signed a memorandum of understanding to strengthen the ties and facilitate economic exchanges between China and Africa.  

China Moves Deeper into African Banking

 Uganda's The Observer published on 5 December 2025 an article titled "China's Payment System Gains Ground in Africa as Afrexim, Standard Join In."

Afreximbank, Africa's multilateral trade bank, became the first major African institution to join China's Cross-Border Interbank Payment System (CIPS), enabling direct and cheaper yuan transactions.  Standard Bank Group, the continent's largest lender, followed suit.  CIPS gives China an alternative to the Western world's SWIFT. 

The Industrial and Commercial Bank of China (ICBC) owns 20 percent of the Standard Bank Group while the Export-Import Bank of China holds at least 6 percent of Afreximbank.   

Sharp Increase in Chinese Exports to Africa

CNBC published on 24 November 2025 an article titled "Chinese Consumer Brands Flood into Africa as Old Investment Model Fades and Exports Jump" by Evelyn Cheng and Victoria Yeo.

Chinese exports to Africa during the first three quarters of 2025 have surged 28 percent year-on-year, following a 57 percent increase from 2020 to 2024.  China is increasingly emphasizing consumer sales in Africa as profit margins narrow at home.  This is putting added pressure on African companies that produce consumer goods, although some Chinese companies are moving production to the continent.  

IMF Warns Kenya and Ethiopia on Swapping Dollar Loans for Yuan

 The Kenya Times published on 11 November 2025 an article titled "IMF Warns Kenya of Currency Risks after Swapping Dollar Loan for Yuan" by Annah Nanjala Wekesa.  

The International Monetary Fund warns that switching Chinese debt from US dollars to yuan may lower servicing costs, but it can introduce currency risks depending on their structure.