Mafa Kwanisai Mafa
357 posts

Mafa Kwanisai Mafa
@cdemafa
Doctor of Revolutionary Sciences !









**South African Firms Shift to Yuan for Payments to Chinese Suppliers, Bypassing US Dollar** Standard Bank has become the first bank in Africa to directly connect to China’s Cross-Border Interbank Payment System (CIPS), enabling South African businesses to settle payments with Chinese suppliers in renminbi (yuan) instead of U.S. dollars. The move comes amid cooling U.S.–South Africa relations and offers importers a way to reduce exposure to the dollar in bilateral trade. The new facility was officially launched at an event hosted by the South African Reserve Bank. China has been South Africa’s top trading partner for over a decade, with two-way trade exceeding $50 billion annually in recent years. By adopting direct yuan settlement, South Africa is taking another step toward deeper economic integration with Beijing and gradual de-dollarization in its international transactions. #BRICS




















