China and Angola sign agreement for mutual acceptance of national currencies

5 August 2015

Angola has signed a monetary agreement with China under which national currencies are now accepted in both countries, Angola’s trade minister, Rosa Pacavira said Monday in Luanda.

“The kwanza will have a value in China, and the yuan will have a value here in Angola,” said the minister, quoted by news agency Lusa.

Pacavira said that this agreement would increase imports of products made in China, since it make sit possible to overcome a lack of foreign currency, including dollars, resulting from the fall in the price of oil, Angola’s main export.

“No other country agreed to this, only China did, so from now on the two currencies will be accepted in both countries,” noted the minister at an event held Monday in Luanda, referring to the facilities arising from the new “monetary agreement.”

Pacavira said her ministry was aware of the quality of products manufactured in China and added that “the agreement I mentioned will make quality products available in Angola.”

The Angolan President, José Eduardo dos Santos, visited China last June and at the time announced China’s financial support for Angola would increase. (macauhub/AO/CN)