The People's Bank of China (PBOC), the country's central bank, said Tuesday that it has signed a 700-million-yuan (about 106 million U.S. dollars) currency swap agreement with the Central Bank of the Republic of Uzbekistan.
The agreement will last for three years and is extendable by mutual consent, according to a statement posted on the PBOC website.
The swap is aimed at promoting bilateral trade, investment and financial cooperation, it said.
The PBOC said Monday that it had signed a 25-billion-yuan currency swap agreement with the Reserve Bank of New Zealand.
Since the onset of the world financial crisis in late 2008, China has also signed currency swap agreements with the Republic of Korea (ROK), Malaysia, Belarus, Indonesia, Argentina, Iceland and Singapore.
The central bank also signed a similar agreement with Hong Kong's monetary authority.
Analysts said the move would encourage traders to invest in the local currency as part of China's efforts to promote cross-border trade settlements in yuan, China's national currency.
Weekly review April 14 BRICS nations can be anchor of global economy, politics April 13 China launches assault on child kidnapping April 12 China's coastal seas unaffected by Japan's radioactive water April 11 US has serious human rights abuses: China April 16 The week in pictures April 11 PM Kan offers thanks for 'Kizuna' on People's Daily April 13 Stable BRICS nations prop up world development April 13 US should stop acting like 'preacher' of human rights April 15 GDP rises 9.7% in Q1, inflation surges too April 14 Auditor lady's sudden death sparks overwork debate
The agreement will last for three years and is extendable by mutual consent, according to a statement posted on the PBOC website.
The swap is aimed at promoting bilateral trade, investment and financial cooperation, it said.
The PBOC said Monday that it had signed a 25-billion-yuan currency swap agreement with the Reserve Bank of New Zealand.
Since the onset of the world financial crisis in late 2008, China has also signed currency swap agreements with the Republic of Korea (ROK), Malaysia, Belarus, Indonesia, Argentina, Iceland and Singapore.
The central bank also signed a similar agreement with Hong Kong's monetary authority.
Analysts said the move would encourage traders to invest in the local currency as part of China's efforts to promote cross-border trade settlements in yuan, China's national currency.
Weekly review April 14 BRICS nations can be anchor of global economy, politics April 13 China launches assault on child kidnapping April 12 China's coastal seas unaffected by Japan's radioactive water April 11 US has serious human rights abuses: China April 16 The week in pictures April 11 PM Kan offers thanks for 'Kizuna' on People's Daily April 13 Stable BRICS nations prop up world development April 13 US should stop acting like 'preacher' of human rights April 15 GDP rises 9.7% in Q1, inflation surges too April 14 Auditor lady's sudden death sparks overwork debate
