China Gains Ground on U.S. as Africa and Others Adopt Yuan Payments
In a significant move underscoring the dynamics of global finance, the South China Morning Post recently reported that six prominent financial entities have officially joined the Cross-border Interbank Payment System (CIPS) as direct participants. Among them are the African Export-Import Bank, First Abu Dhabi Bank, South Africa’s Standard Bank, Singapore’s United Overseas Bank, Eldik Bank of Kyrgyzstan, and Chongwa (Macau) Financial Asset Exchange. This ceremony, held in the bustling city of Shanghai last week, marks a…