The South African Reserve Bank (SARB) and People's Bank of China (PBC) have renewed their bilateral currency swap agreement for five years, effective from Oct. 23, 2026. The arrangement allows the two central banks to exchange local currencies up to CNY30 billion (ZAR74 billion). The swap supports trade and direct investment between South Africa and China and helps mitigate balance of payments pressures in the short term. Interest on any South African rand funds used under the arrangement is referenced to the South African Rand Overnight Index Average (ZARONIA).
South African Reserve Bank and People's Bank of China renew CNY30 billion currency swap for five years
The South African Reserve Bank and People's Bank of China have renewed their currency swap for five years, allowing local currency exchanges of up to CNY30 billion (ZAR74 billion). Effective from Oct. 23, 2026, the arrangement supports bilateral trade and direct investment and helps address balance of payments pressures in the short term.