Question NW3164 to the Minister of Finance
18 December 2018 - NW3164
McLoughlin, Mr AR to ask the Minister of Finance
(1)In view of China’s recent moves to reintroduce a gold standard for the Chinese Yuan, are the BRICS countries, such as South Africa, being encouraged to do likewise; if so, what is South Africa’s position on such a move; (2) what benefit has South Africa derived from being a partner in the New Development Bank so far?
Reply:
1. China has not reintroduced a gold standard for the Chinese Yuan. This issue has not been discussed under the auspices of the BRICS Finance Ministers and Central Bank Governors’ meetings.
2. The New Development Bank has already approved US$680 million in project financing for South Africa. In addition, the NDB employs 18 South African professionals both at the Africa Regional Centre (Sandown, South Africa) and at the bank’s headquarters (Shanghai, China).