Standard Bank has processed over $1.2 billion in cross-border payments using the China International Payment System (CIPS), marking a significant milestone in Africa-China trade. The amount, equivalent to CNY 8 billion, was achieved within a year of the bank’s involvement in the system, highlighting growing trade ties between the two regions. The use of the Renminbi for settlements is increasing, reflecting a shift in financial preferences among African businesses. This development underscores the expanding economic relationship between Africa and China, with more transactions being facilitated through CIPS. The bank’s role in this growth is notable, as it continues to support cross-border commerce and financial integration. (techtrendske.co.ke)