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RBA, PBOC sign currency swap deal

03-23-2012 13:57 BJT

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Australia's central bank has signed a bilateral local currency swap agreement with the People's Bank of China to support trade and investment. The Reserve Bank of Australia says the agreement allows for the exchange of local currencies between the two central banks of up to 30 billion Aussie dollars, or 200 billion yuan.

It is for an initial period of three years and can be activated by either party. The RBA says the deal reflects increasing opportunities for the Chinese currency to be used to pay for exports and imports between the two nations and signals another step in the yuan’s internationalization.

The move comes after China allowed the Aussie dollar to be exchange for yuan in China’s interbank market.

 

Editor:Zhang Rui |Source: CNTV.CN

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