Year

Entity

Activity

1997

Bank of China

Bank of China Zambia Branch was set up as the first Chinese financial institution in Africa

2008

ICBC

Bought a 20% stake in Standard Bank South Africa for $5.4 billion.

2010

Bank of China

Establishment of the Bank of China Johannesburg Branch.

2011

Central Bank of Nigeria

Announcement to convert 5% - 10% of its foreign exchange reserves from $ into RMB

2012

Central Banks of Nigeria and Tanzania

Bought 3-year dim sum bonds worth RMB 500 million, along with other 3-year bonds worth RMB 1.5 billion and 20-year bonds worth RMB 1 billion.

2013

Central Banks of South Africa and China

The agreement that enabled Standard Bank South Africa to invest about USD 1.5 billion in China’s inter-bank bond market.

2014

China and the Republic of Congo

The governments of China and the Republic of Congo establish the Sino-Congolese Ban for Africa as a joint venture.

2015

ICBC

Bought another 60% stake in Standard Bank South Africa.

2015

Central banks of South Africa and China

Signature of a 3-year bilateral swap agreement for the exchange of local currencies of up to RMB 30 billion.

2015

People’s Bank of China

Bank of China Johannesburg Branch appointed as the first RMB clearing house in Africa.

2015

China Commercial Bank

Launch of trail operations in Tanzania as the first Chinese owned private bank in Africa.

2015

People’s Bank of China

Bank of China Zambia Branch appointed as a second RMB clearing house in Africa

2015

ICBC and South African Reserve Bank

Signature of a bond corporation agreement which entrusted ICBC to issue bonds worth 10 billion ZAR, to finance the process of industrialization and infrastructure construction in South Africa.

2015

Central Bank of Zimbabwe

Announcement to approve RMB as legal currency for public domestic transactions.

2016

Bank of China

Acquisition of banking license from the Central Bank of Mauritius for setting up the Bank of China Mauritius Branch.

By late March 2016

ICBC

ICBC had loaned about $15.6 billion to 58 China-Africa cooperation programs in over 20 African countries.

2016

Central Banks of China and Morocco

The signing of a 3-year bilateral swap agreement for the exchange of local currencies of up to RMB 10 billion.