April 10, 2015 / 9:29 AM / 4 years ago

South Africa signs $4.8 bln currency swap with China

South African bank notes featuring an image of former South African President Nelson Mandela are displayed at an office in Johannesburg January 17, 2013. REUTERS/Siphiwe Sibeko

JOHANNESBURG (Reuters) - South African Reserve Bank said on Friday 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 57 billion rand ($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.

$1 = 12.0039 rand

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