T he recent announcement of the Industrial and Commercial Bank of China ’s $5.5bn investment in 20 per cent of Standard Bank of South Africa was a milestone for Africa, and for China. The largest-ever overseas investment by a Chinese company, it is also the largest foreign direct investment in Africa.

Just as remarkable is the fact that this was a major transaction between two emerging markets institutions, reflecting a broader trend in new flows, new actors and new partnerships that is transforming capital markets.