Standard Bank's RMB Clearing Licence Could Transform Kenya–China Trade, But the Dollar Will Not Disappear Overnight

Kenyan importers could soon begin paying Chinese suppliers directly in Chinese yuan instead of routing transactions through the US dollar after Standard Bank was appointed Africa's Renminbi (RMB) Clearing Bank, a move expected to reduce foreign exchange costs, accelerate cross-border payments and deepen China's push to internationalize its currency across the continent.