Pakistan, China ink currency swap deal
December 24th, 2011 - 11:47 am ICT by IANSBeijing, Dec 24 (IANS) China’s central bank said Saturday that it has signed a 10-billion-yuan ($1.6 billion) currency swap deal with the State Bank of Pakistan.
The agreement will last for three years and is extendable by mutual consent, according to a statement posted on the website of the People’s Bank of China(PBOC).
The swap is aimed at promoting bilateral financial cooperation and boosting trade and investment, while ensuring regional financial stability, reported Xinhua.
Since the onset of the global financial crisis in late 2008, China has signed currency swap agreements with 14 countries and regions.
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Tags: bank of china, beijing, china ink, currency swap, dec 24, financial cooperation, financial stability, global financial crisis, mutual consent, pboc, s central, state bank, state bank of pakistan, swap deal, xinhua, yuan