Current Situation and Path Selection for the Internationalization of RMB in Africa

As African countries all support the internationalization of RMB,the aggregate amount of RMB payment in the China-Africa trade have been steadily expanding over the past years,a RMB clearing network led by Bank of China and a series of RMB financial products have been established in Africa.With the rapid development of the China-Africa economic and trade cooperation,Africa is increasingly depending on China’s market and capital.Moreover,there is no a dominant currency in the continent.All these have decided that there will be great potentials for further promoting RMB’s role in Africa.