China and Thailand renew currency swap pact to boost trade, stability
To enhance financial cooperation and trade between the two countries, the People’s Bank of China (PBOC) has renewed a bilateral currency swap agreement with the Bank of Thailand for five years. The agreement has an option for further extension by mutual consent.
The renewal deal, signed by Pan Gongsheng, governor of PBOC, and Sethaput Suthiwartnarueput, governor of the Bank of Thailand, enables currency exchanges of up to 70 billion yuan (~$9.81 billion) or 370 billion baht.
The People’s Bank of China has renewed a five-year bilateral currency swap agreement with the Bank of Thailand, permitting exchanges of up to 70 billion yuan (~$9.81 billion).
Signed by the two central bank governors, the pact is designed to strengthen trade, investment, and overall regional financial stability, with the option of renewal upon mutual consent.
The arrangement will enhance cross-border trade and investment while supporting regional financial stability, PBOC said.
Fibre2Fashion News Desk (SG)
