BAI Signs Bank of China MoU for RMB Clearing via CIPS

In Short

• BAI and Bank of China signed a memorandum of understanding on September 8, 2026, in Xiamen, China.
• The deal focuses on renminbi, also called RMB, and CIPS.
• CIPS is China’s cross-border payments network for RMB, similar in purpose to other global payment rails.

What Happened

BAI and the Bank of China agreed to cooperate on renminbi clearing and Cross-Border Interbank Payment System, also known as CIPS. The agreement is meant to strengthen BAI’s ability to process international payments linked to China.

The memorandum sets out plans to open a renminbi clearing account. It also includes support for BAI to join CIPS indirectly through Bank of China. Indirect access means BAI would connect through a participating bank rather than joining the network as a direct member.

Both banks said the cooperation should expand services for settlement and clearing in RMB. Settlement is the final step where money and obligations are officially exchanged, like closing out the balance after a trade.

BAI CEO Luís Filipe Lélis said the MoU fits the bank’s internationalisation strategy. He said it should help BAI offer stronger services for customers doing business across Angola and China.

Why It Matters

For Angolan importers, exporters, and investors working with Chinese counterparties, RMB clearing can reduce friction. In practice, it can mean fewer currency conversions, simpler reconciliation, and potentially faster processing times for payments tied to Chinese trade.

For Angola’s banking sector, a working link into CIPS signals deeper integration with global payment infrastructure connected to the world’s second-largest economy. It also supports wider efforts to modernise payment and settlement capabilities in the country.

Execution will still depend on regulatory requirements and how quickly both banks roll out the operational setup. But the direction is clear, BAI wants more tools to serve Angola-China trade flows using RMB-denominated payments.