JOHANNESBURG, Nov 5 (Reuters) - South Africa's central bank plans to invest in the Korean won and the Australian and New Zealand dollars as it diversifies its currency reserves, Deputy Governor Daniel Mminele said on Tuesday.
'The bank has also taken steps to invest in new asset classes and new currencies,' Mminele said in a speech posted on the South African Reserve Bank's website.
The bank is also investing in covered bonds and mortgage-backed securities and has recently started trading in bond futures to mitigate the potential negative impacts of rising debt yields, he said.
Mminele, who was adressing a conference in suburban Johannesburg, said a portion of the central bank's $45.8 billion net reserves would also be invested in the Chinese interbank bond market.
South Africa was the first African central bank to be granted an investment quota for the Chinese onshore market, he said.
(Reporting by Tosin Sulaiman and David Dolan; Editing by Ed Cropley) Keywords: SAFRICA CENBANK/
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