China, New Zealand renew $3.52 bn currency swap deal for 5 years
The agreement, first signed in 2011 and renewed in 2014, 2017, and 2020, will remain in effect for five years and can be extended by mutual consent.
PBOC and RBNZ have renewed a bilateral currency swap line worth RMB 25 billion (~$3.52 billion).
First agreed in 2011, the deal has been extended multiple times, now with a fresh five-year term.
The arrangement will facilitate trade, investment, and settlement between businesses, deepen financial cooperation, and support market stability between China and New Zealand.
“The aim of the swap line is to help promote bilateral trade and economic development between the two countries while also supporting financial stability,” RBNZ said in a press note.
According to the PBOC, the arrangement is designed to support cross-border transactions between businesses in China and New Zealand while promoting economic development.
Fibre2Fashion News Desk (KD)
