China and Singapore sign bilateral local currency swap agreement
The People's Bank of China announced on the 18th that it signed a bilateral local currency swap agreement with the Reserve Bank of New Zealand worth 25 billion yuan.
The agreement is valid for three years and can be extended upon mutual agreement. The central bank said that the signing of the agreement aims to strengthen bilateral financial cooperation and promote trade and investment between the two countries.
This is the ninth local currency swap agreement signed by the People's Bank of China and the monetary authorities of other countries and regions since the international financial crisis. So far, the total amount of local currency swap agreements signed by my country's central bank with the monetary authorities of South Korea, Hong Kong, Malaysia, Belarus, Indonesia, Argentina, Iceland, Singapore, New Zealand and other countries and regions has reached 828.5 billion yuan.
Analysts believe that the signing of a series of local currency swap agreements will help to encourage both parties to trade and invest in local currencies. This is an important measure and arrangement for my country to promote the process of cross-border trade and investment with RMB as the settlement currency. .
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