Even the United States cannot stop it! Zambia has proactively requested settlement in renminbi. On October 15, according to a report by Lianhe Zaobao, Africa’s second-largest copper producer and exporter, Zambia, announced it will begin using the renminbi for trade settlements starting next year. Daniel Kayaia, Governor of the Bank of Zambia, stated this is merely the beginning. We also hope that future loans will be denominated in renminbi. This would bring significant benefits.
Meanwhile, Mr. Kayaia said Zambia is currently negotiating a currency swap arrangement with China. Sufficient liquidity flow is key to enabling such an agreement. Clearly, Zambia’s recent announcement has drawn attention from the United States. Bloomberg commented that an increasing number of African nations are adopting the renminbi in economic interactions with China. The number of African financial institutions joining the Cross-Border Interbank Payment System (CIPS) is steadily rising.
Indeed, the U.S. media observation is accurate. In November 2025, Standard Bank of South Africa officially launched direct access to CIPS, becoming the first domestic African institution to become a direct participant. In 2026, Rwanda’s largest commercial bank, Banque de Kigali, joined CIPS. Subsequently, Standard Bank expanded its CIPS renminbi clearing services to Ghana, Kenya, and Namibia. Zambia now joins this growing list.
The influence of renminbi settlement continues to expand, a trend the United States cannot prevent. As trade volumes between China and Africa grow, Chinese investment in the continent deepens, and the range of renminbi use broadens, settling transactions in renminbi not only helps address foreign exchange reserve constraints and mitigate risks from sharp fluctuations in the U.S. dollar, but also increasingly demonstrates practical advantages in transaction efficiency. While the United States may oppose such developments, market demand is real—and the mutual benefit is proving increasingly attractive to African nations.
Original source: toutiao.com/article/1879090168208387/
Disclaimer: The views expressed in this article are those of the author alone.