Mauritius Operationalizes First Offshore RMB Clearing Center in Africa
On 12 June 2025, the Renminbi (RMB) Clearing Center was officially operationalized during a ceremony at the InterContinental Hotel in Balaclava, Mauritius. The Governor of the Bank of Mauritius (Central Bank of Mauritius) Dr Rama Sithanen, the Chairman of the Bank of China Mr GE Haijiao, and the Chinese Ambassador Dr (Mrs) HUANG Shifang, as well as representives from the Financial Sector attended the ceremony.
Governor Sithanen views the operationalization of the RMB Clearing Center (#RCC) as a strategic opportunity to reinforce the Mauritius International Financial Center (#MIFC) as a hub for cross-border financial flux between Africa and Asia. In addition to China, Mauritius has signed similar agreements with India, including the Rupay international payment system and bilateral currency swaps.
Ambassador Huang underscored that Mauritius is a world-renowned Offshore Center and an International Financial Center (#IFC) of substance. MIFC is set to act as an important gateway for trade and investment between between China and Mauritius. The launch of the RMB Clearing Center in Mauritius coincides with the opening of the China-Africa Economic and Trade Expo 2025 (#CAETE2025) in China.
Chairman Ge highlighted that the establishment of the RMB Clearing Center in the MIFC marks a historical milestone in the internationalization strategy of the Chinese currency. The RCC will facilitate and boost economic and financial exchanges between the two sides.
The RCC presents many advantages: it could speed up international payments and reduce the cost of cross-border transfers. It also reduces risks linked to a third-party intermediary currency. As a demonstration, the Bank of China in Mauritius effected a cross-border transfer of RMB on behalf of the Beijing Construction Group on the day of the ceremony.
As a trusted IFC, Mauritius has cumulatively contributed to attract and route more than USD 80 billion into Africa, representing nearly 10% of the total investment flows into the emerging continent.