The Bank of Russia Signed National Currency Swap Agreement with the People’s Bank of China
The Bank of Russia has signed a bilateral national currency swap agreement with the People’s Bank of China for the purpose of further advancing bilateral trade and mutual investments in the Russian Federation and the People’s Republic of China. The size of the swap facility is RMB 150 billion. The agreement is valid for three years and can be extended by mutual consent.
The central bank currency swap agreement is a facility designed to enable each of the parties to gain access to the counterparty currency liquidity without the need to purchase the currency in the foreign exchange markets.
The bilateral national currency swap agreement entered into by the Bank of Russia and the People’s Bank of China will foster bilateral economic relations by means of expanding opportunities for trade financing and direct investment, as well as facilitate the use of the Russian ruble and the Chinese yuan in international trade and investment activities.
The Russian-Chinese agreement will also provide an opportunity to obtain international liquidity whenever required. Therefore, the agreement will serve as an additional tool for ensuring financial stability.
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