Mongolia’s Central Bank Plans to Double Currency Swap With China
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Mongolia’s central bank said it intends to extend a bilateral local currency-swap line with the People’s Bank of China for three years and double its size to 20 billion yuan.
“This will clearly increase confidence in the foreign-exchange market and strengthen the off-balance” reserves buffer, Bank of Mongolia Chief Economist Bold Sandagdorj said in an e-mail yesterday. The three-year period will begin in May, he wrote.