Also in 2001, on 11 December, the People’s Republic of China became a member of the WTO, which was clearly an enormously important moment for the world economy. By benefiting from WTO rules, China enjoyed even more favourable conditions for its rise in the international economic context.
To date, a limited number of correspondent banking relationships with South African banks have been terminated but derisking has not had a significant impact on crossborder flows from a South African point of view. However, South African banks are being subjected to heightened scrutiny by foreign counterparts.