China Extends Currency Swap Deals with European Partners
China's central bank has renewed its currency swap agreements with the European Central Bank, Switzerland, and Hungary. These extensions, aimed at strengthening financial cooperation, extend the deals with the ECB to 2028 and with Switzerland and Hungary to 2030, supporting trade and financial stability.
In a strategic move to boost international financial cooperation, China's central bank has renewed its currency swap agreements with notable European partners, including the European Central Bank, Switzerland, and Hungary.
The People's Bank of China announced the extension of the PBOC-ECB bilateral local currency swap valued at 350 billion yuan, or 45 billion euros, which is now set to last until 2028.
Simultaneously, the deals with Switzerland and Hungary, worth 150 billion yuan and 40 billion yuan respectively, have been extended to 2030. These developments are expected to enhance monetary cooperation and support trade and financial stability across these economies.
(With inputs from agencies.)
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