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One-Way Link or Reciprocal Link it doesn't matter when it comes to Pagerank, as Matt Cutts said "A link is a link is a link", the Pagerank value isn't more or less by which method that is used, they are equal.
Now, when it comes to SEO value of a inbound link 99% of the time a one-way link will provide more weight than a link exchange, there are cases where this might not be true, like from authority sites, spamming websites, etc. One-way natural quality inbound links should be your goal.
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