SA-China swap agreement signed
April 11 th, 2015
The SA Reserve Bank announced on 10 April in a statement the signing of a currency swap agreement worth R57 billion with the Chinese Central Bank. The purpose is to support trade and investment between SA and China. It also aims to identify resources for urgent payments, according to SA Reserve Bank. The currency swap is to exchange a specified amount of foreign exchange, and mutually undertake payments of interests to get the traded amount during a determined term.
Credit photo: © Nerthuz | Dreamstime.com
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