South African Businesses to Pay Chinese Suppliers in Yuan Instead of the US Dollar
South African businesses will soon be able to pay Chinese suppliers directly in yuan as Standard Bank becomes the first African bank to integrate with China’s Cross-Border Interbank Payment System
As the US-South Africa relationship continues to worsen, South African importers, companies, and businesses can now settle transactions in yuan, reducing their reliance on the US dollar.
The integration was officially launched at an event hosted by the South African Reserve Bank.
South Africa seeks to strengthen its relationship with China and adopt the yuan into its economy.
China remains South Africa’s largest trading partner