Beijing, 26 October 2021 (TDI): The People’s Bank of China (PBOC) and the Bank of Japan have agreed to renew the bilateral currency swap agreement. The agreement is for 200 billion Yuan (approximately $ 31.3 billion) or 3.4 trillion Japanese Yen.
The decision was taken on Monday, October 25th. In a statement issued by the Central Bank of China, it was communicated that the validity of the agreement will last for three years. However, it might be extended with a joint agreement.
The currency swap will help to stabilize the financial markets of China and Japan. Furthermore, it will also expedite bilateral economic and financial exchanges.
Previously, a bilateral currency swap agreement between the two was signed in 2018. The deal allowed both parties to exchange 200 billion Yuan for 3.4 trillion yen, reciprocally.
China and Japan have mutually beneficial trade relations. Both countries regularly collaborate with each other to maintain cordiality.
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