The People's Bank of China published an update on Governor Pan Gongsheng’s meeting in Pretoria with South African Reserve Bank Governor Lesetja Kganyago, where the two sides exchanged views on bilateral financial cooperation and broader topics. Pan highlighted close China–South Africa trade and economic links and said the People's Bank of China would continue to maintain close communication with the South African Reserve Bank to support trade and investment with higher-quality financial services. The two governors also jointly witnessed the signing of cooperation memoranda between China UnionPay Co., Ltd. and South African partners, and between the operator of the renminbi Cross-border Interbank Payment System and South African counterparts, including an acceptance cooperation memorandum between UnionPay and Yoco and a direct participant agreement between the CIPS operator and FirstRand Bank. The arrangements are intended to expand UnionPay’s payment service capabilities across multiple scenarios in South Africa and facilitate South African institutions’ handling of cross-border renminbi business through CIPS.
Central Bank of the Republic of China2025-11-22
People's Bank of China meets South African Reserve Bank and witnesses UnionPay and CIPS cooperation agreements
The People's Bank of China and the South African Reserve Bank discussed enhancing bilateral financial cooperation in Pretoria. They witnessed the signing of cooperation memoranda between China UnionPay and South African partners, and agreements involving the renminbi Cross-border Interbank Payment System. These initiatives aim to expand UnionPay's services in South Africa and facilitate cross-border renminbi transactions.