Angola's Banking Sector Embraces China's Yuan Amid Growing Trade Ties
Angola's Banco de Fomento Angola (BFA) is set to become the first Angolan bank to connect directly to China's Cross-Border Interbank Payment System (CIPS) by next year. This move is part of a broader trend in Africa, where countries are increasingly settling cross-border transactions in China's yuan instead of the U.S. dollar. The shift is driven by growing trade volumes between China and Africa, with China being Africa's largest bilateral trading partner. Angola, a major supplier of crude oil to China, exemplifies the deepening economic ties between the continent and Beijing. 
