GOOD NEWS, it has finally happened. China does not have its own Bank of China branch in Uganda yet, but you no longer need to go through the Dollar. @stanbicug Bank Uganda is now the first bank in Uganda to connect directly to China's Cross-Border Interbank Payment System (CIPS). What does that mean for you as a trader? 1. No more double conversion: Before, you had to change UGX -> USD -> CNY. Now you can settle directly in Chinese Yuan (RMB) from Uganda. 2. Cheaper and faster: The system cuts transaction costs, removes intermediary banks that charge fees, and cuts settlement time from several days to just a few hours. 3. No more Dollar risk: You will not lose money when the Dollar rate shoots up overnight. It was launched at the Stanbic-China Trade Forum in Kampala last month. The Minister of State for Industry, David Bahati, said China is one of Uganda's most significant partners and this solves a big bottleneck for traders. So instead of asking for a new Chinese bank, go to Stanbic and ask for their Direct Yuan / CIPS payment service. They also partnered with a Chinese trading platform called Guomao to connect you directly to suppliers. This is the solution you wanted trading UGX to CNY without the Dollar in the middle.