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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.

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“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.

 

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Written by PH

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