With approval from China’s State Council, the People’s Bank of China and the South African Reserve Bank have renewed their bilateral local currency swap agreement for five years, covering CNY 30 billion or ZAR 74 billion, to deepen monetary and financial cooperation, facilitate bilateral trade and investment, and maintain financial market stability.
PBOC and South African Reserve Bank renew CNY 30 billion bilateral currency swap for five years
The People’s Bank of China and the South African Reserve Bank renewed a bilateral local currency swap worth CNY 30 billion, equivalent to ZAR 74 billion, with a term of five years.