Beijing, August 20: The People’s Bank of China (PBOC) has announced the renewal of its bilateral currency swap agreement with the Reserve Bank of Australia (RBA). This agreement aims to enhance monetary and financial cooperation between the two nations.
The size of the agreement has been increased from 200 billion RMB and 41 billion Australian dollars to 220 billion RMB and 46 billion Australian dollars. This renewed agreement will be valid for five years and can be extended with mutual consent.
The PBOC stated that the renewal and expansion of the currency swap agreement will strengthen economic ties, boost bilateral trade and investment, and help maintain stability in financial markets.
(Source: China Media Group, Beijing)
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