China, Indonesia renew currency swap agreement
The People's Bank of China (PBOC), the country's central bank, on Friday announced that it has renewed a bilateral currency swap agreement with the Bank Indonesia.
The logo of Bank Indonesia. Photo courtesy of antaranews.com.
According to a statement on its website, the PBOC said that the total value of the agreement is 400 billion CNY (about $55.79 billion). The deal is valid for five years and can be renewed upon mutual consent.
The currency swap arrangement will strengthen financial cooperation between China and Indonesia, promote and facilitate bilateral trade and investment, and safeguard the stability of the financial markets.
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