Another pan-African financial giant – Absa Group – applies to join China’s CIPS payment system, to be able to settle directly in yuan without going through the dollar system.

Last week, Ecobank – a leading pan-African banking conglomerate – did the same.

Last November, Standard Bank – Africa’s biggest lender – connected to CIPS.

These firms move a lot of trade finance and settlement for companies across the continent. And they are working on their ability to settle directly in yuan.

Early days yet, and the dollar will still be the main settlement currency – but watch this space for more signs its system is no longer the only option.

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