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Crossborder China Deal Accounts for 4% of Annual Trade

SOUTH AFRICA
  • Late yesterday, China’s commerce minister Wentao confirmed that companies across South Africa and China had secured trade deals valued at $2.2bln. Companies involved include Anglo American, Glencore, Sappi and Pioneer Fishing. With annual trade worth $56bln, the deals represent 4% of crossborder trade.
  • Local focus remains on the BRICS summit set for the second half of August, ahead of which finance minister Godongwana has pressed the BRICS development bank to increase local currency fundraising. He states that increased use of local currency funding will de-risk the impact of FX fluctuations rather than fuller de-dollarise the bloc.
  • Ex-President Zuma has been freed from prison, benefiting from an order from the President’s office to release and grant a remission to thousands of non-violent offenders.
  • Local and regional government leaders in Cape Town and the Western Cape have extended what they believe to be a reasonable proposal to conclude taxi strikes across the region. The proposals follow a two-hour closed meeting yesterday afternoon between government heads and the Santaco union. Santaco have called off the latest wave of Western Cape taxi strikes.
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