China, Tanzania deepen financial cooperation through wider RMB use

China and Tanzania are set to deepen financial cooperation and expand the use of the Chinese currency renminbi (RMB), or the yuan, in cross-border trade and investment, as the Bank of China on Tuesday hosted an RMB internationalization roadshow in Tanzania.

The event, the 10th stop of the Bank of China's 2026 global use of RMB roadshow series, brought together more than 140 representatives from the Chinese Embassy in Tanzania, the Bank of Tanzania, major financial institutions and businesses from both countries to explore new opportunities for RMB cooperation.

Speaking at the event, Chinese Ambassador to Tanzania Chen Mingjian said growing economic and trade ties between the two countries had created increasing demand for efficient, convenient and low-cost RMB-based settlement and financing services in Tanzania.

"Bilateral trade between China and Tanzania reached 11.28 billion U.S. dollars in 2025, exceeding 10 billion U.S. dollars for the first time," Chen said, adding that trade reached 6.48 billion dollars in the first half of 2026.

China has remained Tanzania's largest trading partner and a major source of foreign direct investment for many consecutive years, she said.

Yun Yi, deputy general manager of the clearing department at Bank of China Head Office, said the bank would continue to leverage its global network and role as a major provider of cross-border RMB services to support the wider use of the Chinese currency in China-Africa trade and investment.

He said the bank would further enhance RMB financial services and facilitate practical cooperation across a wide range of sectors, contributing to higher-quality China-Africa economic and trade cooperation.