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China and South Africa Express Satisfaction over Progress with Establishment of BRICS Development Bank

April 14, 2015 (EIRNS)—China’s Foreign Minister Wang Yi met with his South African counterpart, International Relations and Cooperation Minister Maite Nkoana-Mashabane, in Pretoria, and expressed their satisfaction that the establishment of the BRICS development bank had reached an advanced stage.

After the meeting, Nkoana-Mashabane said that the South African government was in "the final stages of the ratification of the establishment of the bank." The Bank is to be headquartered in Shanghai, and South Africa has been chosen to be the African regional center for the bank.

She added, "We are also at the advanced stages of the currency-swap mechanism. We are almost done on the establishment of the clearing centre for the Chinese currency (Yuan) so that we can have a direct exchange between the rand and the Yuan," adding that "This is one of the few areas in the world where this mechanism has been fast-tracked in the manner that we have done."

Nkoana-Mashabane also pointed out that the South African cabinet is in the process of appointing the vice-president of the development bank, as an indication that the process is "at a very advanced stage."

Wang Yi said after the meeting, that China was committed to supporting industrialization projects in South Africa as well as the rest of the African continent.

China is South Africa’s largest trading partner, and South Africa is China’s largest trading partner in Africa.

Also discussed was implementation of the 5- to 10-year Strategic Framework on Cooperation agreement reached by the two nations during President Jacob Zuma’s state visit to China last year.

Another item on the agenda was joint preparations for the Forum on China-Africa Cooperation (FOCAC), which is to take place in South Africa later in the year. China and South Africa co-chair FOCAC.