Skip Ribbon Commands
Skip to main content
South African Reserve Bank
 
 
     
 
 

Publication Detail 

Title:
SARB signs swap agreement with PBoC
Publish Date:
2015-04-10
Publishing Approval:
2
Category:
Media Releases

The South African Reserve Bank (SARB) and the People’s Bank of China (PBoC) are pleased to announce the signing of a bilateral swap agreement, which is valid for three years. The agreement allows for the exchange of local currencies between the two central banks of up to CNY 30 billion (approx. ZAR 57 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 swap arrangement has been established in the context of rapidly growing bilateral trade and investment, not only between South Africa and China, but also China and the rest of the African continent.
 
This arrangement further strengthens the relationship between the SARB and the PBoC following an agreement with PBoC in 2013, which allows the SARB to invest in China’s onshore bond market.
 
Issued by:
 
Hlengani Mathebula
Head: Group Strategy and Communications
+27 12 313 4210
+27 82 448 9219
 
 
 
 
     
 
 
Publication Detail Help (new window)