Mohamed Salah is to bring the curtain down on his illustrious career with Liverpool Football Club at the end of the 2025-26 season.
The time to fully celebrate his legacy and achievements will follow later in the year when he bids farewell to Anfield ❤️
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MAGA 2026: “Just follow orders.” “Have your papers ready.” “Comply and nothing bad happens.”
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Standard Bank has officially become the first African bank to connect directly into China's Cross-Border Interbank Payment System (CIPS). This integration allows African businesses to settle payments with Chinese suppliers directly in yuan (renminbi or RMB), bypassing the need for the US dollar as an intermediary currency.
Key Details and Implications
Go-Live Date: The system went live in late 2025, with an official inauguration ceremony held at the South African Reserve Bank.
Faster and Cheaper Transactions: Payments that previously went through several intermediary banks can now move directly between locations like Johannesburg and Shanghai. This direct link makes RMB settlements significantly faster (from days to near-instant) and cheaper, with potential savings of 30% to 70% in costs compared to traditional routes.
Reduced Reliance on the US Dollar: The move is a major step in promoting the use of local currencies in trade between Africa and China, reducing exposure to dollar liquidity shortages, exchange rate risks, and the reliance on US-led financial systems.
Increased Trade Efficiency: China has been Africa's largest bilateral trading partner for 15 consecutive years. This new payment rail supports growing trade volumes by providing a more streamlined and predictable financial foundation for commercial entities in both regions.
Availability: The CIPS transactions are available to clients through Standard Bank platforms, with a phased rollout planned across the 17 African countries where the bank operates.
For more information, businesses can explore the Africa-China Banking Centre on Standard Bank's website.