China and Chile extend currency swap for five years — ECNS

The People's Bank of China and the Central Bank of Chile have renewed their bilateral currency swap agreement for a term of five years. This was reported by ECNS, citing the People's Bank of China.

Swap volume retained

The agreement provides for retaining the currency swap volume at 50 billion yuan. According to the People's Bank of China, this amount is approximately equivalent to $7 billion. At the same time, the volume of the agreement in Chilean currency was retained at 6 trillion Chilean pesos.

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The Chinese regulator announced the renewal of the arrangement on Thursday.

Purpose of the arrangement

The People's Bank of China said that renewing the arrangement would help deepen monetary and financial cooperation between the two countries. According to the Chinese regulator, it is also expected to facilitate bilateral trade and investment between China and Chile and help maintain financial market stability.