South Africa Signs $4.8bn Currency Swap With China

South African Reserve Bank said on Friday it has actually authorized a three-year bilateral swap contract with People’s Bank of China.

This is for the exchange of local currencies of around 57 billion rand or 4.75 billion dollars.


“The purpose of the agreement is to support trade and investment between South Africa and China, as well as to serve as a mitigating resource for short-term balance of payment pressures,” the central bank said in a statement.



Written by PH

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