Follow CAP on Social Media

Listen to the CAP Podcast

ICBC Launches New China-Africa Currency Center in Hunan

Representatives from the Industrial and Commercial Bank of China announce the opening of a new China-Africa RMB currency exchange center in Changsha, Hunan.

The Industrial and Commercial Bank of China (ICBC) in Hunan province launched a new cross-border China-Africa currency center on Tuesday to facilitate transactions between Chinese yuan and six African currencies including the Kenyan shilling, Nigerian naira, Botswanan pula, Ghanaian sedi, and the Zambian kwacha.

The new center was announced during the China-Africa Economic and Trade Expo that’s taking place this week in Changsha and represents the latest effort by this provincial capital to establish itself as the primary Sino-African trading hub in China. Hunan is already home to the African Cocoa Marketing Center and a new direct rail-to-port African trade link.

  • Get a daily email packed with the latest China-Africa news and analysis.
  • Read exclusive insights on the key trends shaping China-Africa relations.
  • Full access to the News Feed that provides daily updates on Chinese engagement in Africa and throughout the Global South.

China, Africa and the Global South... find out what’s happening.

Subscribe today for unlimited access.

What is The China-Africa Project?


The CAP is passionately independent, non-partisan and does not advocate for any country, company or culture.


A carefully curated selection of the day’s most important China-Africa stories. Updated 24 hours a day by human editors. No bots, no algorithms.


Diverse, often unconventional insights from scholars, analysts, journalist and a variety of stakeholders in the China-Africa discourse.


A unique professional network of China-Africa scholars, analysts, journalists and other practioners from around the world.