China and Canada's central banks renew bilateral currency swap agreement with a swap size of 200 billion RMB.
Approved by the State Council, the People's Bank of China recently renewed a bilateral currency swap agreement with the Bank of Canada (the central bank of Canada). The swap size is 200 billion RMB, and the agreement is valid for five years, with the possibility of extension upon mutual agreement.
On January 16, the People's Bank of China issued a statement indicating that, with the approval of the State Council, the People's Bank of China and the Bank of Canada (i.e. the Central Bank of Canada) recently renewed their bilateral currency swap agreement. The swap size is 200 billion RMB, with a validity period of five years and the possibility of extension by mutual agreement. The renewal of the China-Canada bilateral currency swap agreement will help strengthen financial cooperation between the two countries, expand the use of local currencies between China and Canada, promote facilitation of bilateral trade and investment, and maintain financial stability.
This article is selected from the official website of the People's Bank of China, edited by GMTEight: Feng Qiuyi.
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