The Central Bank of the Russian Federation and People’s Bank of China Successfully Launched Bilateral Currency Swap Arrangement

In October 2014, the CBR and the PBC signed a bilateral local currency swap arrangement with 815 billion RUB/150 billion CNY for the purpose of supporting bilateral trade and direct investment of the two countries. Based on the friendly cooperation and negotiation, the CBR and the PBC have successfully launched several currency swap trades since October 2015 with funds involved ultimately allocating to a limited number of Russian and Chinese counterparties. The operation was successful through smooth proceeding, and provides the CBR’s and the PBC’s operational readiness to activate the swap if needed in the future.

The arrangement of bilateral currency swap facilitates trade and investment activities between Russia and China and it is recognition of further achievement on the financial cooperation between the CBR and the PBC.

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