The National Bank of Angola (BNA) has authorized commercial banks to include the Chinese yuan (renminbi) in their mandatory foreign currency reserves. Luís Cupenala, the president of the Angola-China Chamber of Commerce, welcomed the decision, calling it a highly significant milestone that reflects the growing maturity of bilateral relations between the two countries.
The policy change allows Angolan financial institutions to build mandatory reserves using four main currencies: the U.S. dollar, the euro, the South African rand, and now the Chinese yuan.
Mandatory reserves are funds that commercial banks must keep on deposit with the central bank, which the BNA uses to manage liquidity within the domestic financial system and guide monetary policy. Cupenala noted that the inclusion of the yuan comes at a milestone moment, marking 43 years of bilateral diplomatic relations and 16 years of strategic partnership between Luanda and Beijing.
The shift is expected to ease trade barriers by reducing Angola’s reliance on a single foreign transaction currency, directly benefiting local business owners, importing merchants, and informal market traders (zungueiras). This monetary integration also aligns with China’s zero-tariff policy for Angolan goods, encouraging local businesses to look beyond Angola’s domestic market of 36 million consumers toward China’s massive consumer base of 1.4 billion.
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The economic partnership between the two countries has steadily deepened over recent years. In 2023, the nations signed a key agreement to promote and protect reciprocal investments, followed by treaties aimed at preventing double taxation and tax evasion. In 2024, they signed a comprehensive strategic cooperative partnership to lift trade and investment limitations.
While bilateral trade between Angola and China exceeded $20 billion in 2025—representing a 16% decline from previous years due to global economic disruptions—business leaders remain highly optimistic that trade volumes will rebound strongly under the new currency framework.
Beyond corporate transactions, the expansion of the reserve system is expected to streamline currency exchanges for individuals, including Angolan students studying in China and independent business travelers.
