In recent years, China-Africa economic and trade cooperation has been deepening, and RMB has attracted more and more attention from African countries because of its advantages in facilitating trade and investment between China and Africa, optimizing the structure of foreign exchange reserves, preventing exchange rate risks and stabilizing the financial system. At present, China financial institutions have set up more than ten branches in Africa. Eight countries, including South Africa, have included RMB in their foreign exchange reserves. China has also established RMB clearing arrangements with Zambia and signed local currency swap agreements with Morocco and other four countries.