China, New Zealand Sign 25 Billion Yuan Currency Swap Accord
China and New Zealand signed a currency swap agreement worth 25 billion yuan ($3.8 billion) today, according to a statement posted on the People’s Bank of China’s website.
The agreement will last three years and is open to extension, the statement said. The aim is to help boost bilateral trade and investment as well as strengthen financial cooperation, the PBOC said.
China is seeking to promote greater use of the yuan in global trade and finance to reduce reliance on the U.S. dollar, which has weakened against all 16 major currencies since 2008. Before today, China’s central bank had signed a total of 803.5 billion yuan of currency swaps with counterparts in South Korea, Hong Kong, Malaysia, Belarus, Indonesia, Argentina, Iceland and Singapore since December 2008.
--Judy Chen, Huiwen Yang, Alfred Cang. Editor: James Regan
To contact Bloomberg News staff for this story: Judy Chen in Shanghai at +86-21-6104-3043 or xchen45@bloomberg.net;
To contact the reporter on this story: Huiwen Yang in Shanghai at hyang66@bloomberg.net.
To contact the editor responsible for this story: Sandy Hendry at shendry@bloomberg.net.
Rate this Page