China and Australia Extend Currency Swap Agreement for Five Years

Kathmandu. The central bank of China, the People's Bank of China (PBOC), and the Reserve Bank of Australia (RBA) have renewed the bilateral local currency exchange agreement for another five years. The maximum limit of the agreement has been increased to 220 billion yuan (approximately 46 billion Australian dollars), the PBOC announced on Wednesday.

Previously, the maximum limit of the agreement was 200 billion yuan (approximately 41 billion Australian dollars). The PBOC stated that the agreement can be extended with the consent of both parties.