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The People’s Bank of China (PBC), the country’s central bank, has renewed a bilateral currency swap agreement with the Reserve Bank of New Zealand. The renewed deal covers 25 billion yuan ($3.5 billion), is valid for five years and can be renewed upon mutual consent, per a PBC https://t.co/wELnDpPTSg
China Extends Five-Year Currency Swap with New Zealand’s Central Bank
China https://t.co/dzao5wkLD2 extends bilateral currency swap agreement with Reserve Bank of New Zealand for five years
The People’s Bank of China and the Reserve Bank of New Zealand have renewed their bilateral currency-swap agreement for another five years, maintaining the existing quota of 25 billion yuan (roughly US$3.5 billion). The arrangement allows the two central banks to exchange local currencies to provide liquidity support to financial institutions and facilitate trade and investment settlement between China and New Zealand. The pact can be extended again upon mutual consent.
