Reserve Bank and People's Bank of China sign a Memorandum of Understanding on Renminbi

The South African Reserve Bank (SARB) and the People’s Bank of China (PBoC) are pleased to announce the signing of a Memorandum of Understanding (MoU) for the purposes of clearing and settlement of Renminbi in South Africa. Both central banks agreed to coordinate and cooperate on the supervision, oversight and clearing of Renminbi in South Africa and also to exchange information in order to facilitate the continuous improvement and development of bi-lateral trade.

The MoU signifies another important milestone reached in the continuous joint effort to build capabilities in the South African financial markets to better serve bilateral trade, investment and financial flows between China and South Africa.

China has become South Africa’s largest export partner and consequently, Renminbi clearing in South Africa will be immensely valuable as corporates will benefit greatly from trading and settling in Renminbi. Opening a clearing centre in South Africa should boost trading in the Rand/Renminbi, which could make it easier and cheaper to trade in goods and services with China.

Enquiries:
Candice Jeffreys
Tel: 012 313 4209

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