NBU, People’s Bank of China renew currency swap agreement

“The National Bank of Ukraine and the People’s Bank of China have renewed the Bilateral Currency Swap Arrangement for another three years. The maximum value of the swap line remains unchanged at RMB 15 billion or UAH 62 billion,” reads the report.

The relevant agreement has been signed today, December 10, by NBU Governor Yakiv Smolii and PBC Governor Yi Gang during Smolii’s working visit to Beijing, China.

“China is Ukraine’s second largest trade partner in terms of goods turnover, and the Renminbi’s role in international trade is increasing globally. Access to the funds received under the agreement will facilitate trade between Ukraine and China in the Remnimbi. The agreement will contribute to the further economic cooperation between the two countries,” Smolii said.

According to the central bank, the signed agreement is already a third arrangement of this kind between the NBU and the PBC under the continuous and mutually beneficial cooperation between the two central banks. The previous 3-year Currency Swap Agreement worth up to UAH 54 billion and RMB 15 billion expired in June 2018.

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