The South African Reserve Bank and the People’s Bank of China have renewed their bilateral currency swap agreement, effective from October 23, 2026 and valid for five years. The agreement allows the two central banks to exchange local currencies of up to 30 billion yuan (74 billion rand), supporting trade and direct investment between South Africa and China and mitigating short-term balance of payments pressures; interest on any rand funds used under the arrangement is referenced to the South African Rand Overnight Index Average (ZARONIA). The renminbi size is unchanged from the 2021 renewal, when the rand leg was 68 billion rand, and the Reserve Bank said the renewal builds on the 2013 agreement that allows it to invest in China’s onshore bond market.
South Africa and China renew currency swap for five years
The South African Reserve Bank and the People's Bank of China have renewed their bilateral currency swap agreement for five years at up to 30 billion yuan (74 billion rand), effective October 23, 2026.
Why it matters: The renewal keeps a standing rand and renminbi liquidity line between the two central banks, sized in renminbi exactly as in the 2021 renewal, and supports trade and direct investment settlement between South Africa and China without routing through a third currency.
Data as of South African Reserve Bank media release of October 30, 2026 and People's Bank of China announcement of October 30, 2026 (in Chinese), each read in full in this run; every figure is the issuing central bank's own. The 2021 comparison is from the People's Bank of China's published monetary policy highlights. Developing item.
Sources
- The South African Reserve Bank and People's Bank of China renew bilateral currency swap agreement - South African Reserve Bank - 2026-10-30
- China and South Africa central banks renew bilateral local currency swap agreement - People's Bank of China - 2026-10-30