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South Africa signs 3 years currency swap agreement with China

South Africa signs 3 years currency swap agreement with China

JOHANNESBURG: The South African Reserve Bank said, it has signed a three-year bilateral swap agreement with the People’s Bank of China for the exchange of local currencies of up to R57 billion ($4.75 billion).

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