Industrial and Commercial Bank of China authorized to serve as Renminbi clearing bank for Africa.

On June 26, the People's Bank of China announced that in order to facilitate trade and investment between China and Africa, it has decided to authorize Standard Bank of South Africa and Industrial and Commercial Bank of China to serve as the joint Renminbi clearing banks for Africa. The Africa Renminbi Joint Clearing Bank is the first Renminbi clearing bank named after a continent, and it is also the first time that two commercial banks have jointly served as a Renminbi clearing bank. Prior to this, Industrial and Commercial Bank of China has served as a Renminbi clearing bank in 12 countries. The establishment of the Africa Renminbi Joint Clearing Bank signifies that ICBC's Renminbi clearing network has now expanded to cover 19 African countries where Standard Bank Group operates.