On May 23, 2025, the Bank of China (BoC) commemorated its 10th anniversary as a renminbi (RMB) clearing bank in Zambia during a significant ceremony held in Lusaka, the country's capital. This milestone not only signifies a decade of the BoC's operations in Zambia but also highlights its unwavering dedication to enhancing cross-border financial services throughout East and Central Africa.

The ceremony gathered an array of dignitaries, including officials from the BoC, the Chinese Embassy, and representatives from the Zambian government, along with corporate clients who have benefited from the bank's services. Jin Jun, a counselor with the Chinese Embassy in Zambia, praised the BoC's contributions towards promoting the international use of the RMB and facilitating trade and investments between China and Zambia.

Emphasizing the increasing trend of RMB cross-border settlements between Chinese and Zambian enterprises, Jin noted that many companies have begun to formalize RMB transactions in their bilateral dealings. He advocated for a wider adoption of the RMB, suggesting that it could enhance local financial stability, streamline corporate operations, and mitigate currency exchange risks.

Li Xuewen, managing director of BoC Zambia, reaffirmed the bank's proactive role in promoting RMB services over its nearly three decades of engagement in Zambia. He expressed a commitment to utilizing the bank's extensive global resources to assist Zambian businesses in accessing the Chinese market while simultaneously fostering greater Chinese investment in Zambia.

Lillian Bwalya, the permanent secretary in Zambia's Ministry of Commerce, Trade, and Industry, emphasized that utilizing national currencies for cross-border trade could significantly reduce transaction costs, alleviate exchange rate risks, and establish a more secure business climate. She highlighted the RMB's practicality in ensuring trade resilience during times of global economic instability.

In alignment with these sentiments, Lyness Mambo, director of the prudential supervision department at the Bank of Zambia, noted that the Bank of China's initiatives have not only strengthened the local financial sector but also reinforced trade relations between China and Zambia. He pointed out that increasing the use of the RMB could enhance liquidity within Zambia's foreign exchange market and lower transactional costs for local enterprises, thereby reducing reliance on other currencies.