Pakistan, China ink currency swap deal

Dec 24, 2011 |

IANS

Beijing

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China's central bank said on Saturday that it has signed a 10-billion-yuan ($1.6 billion) currency swap deal with the State Bank of Pakistan.

The agreement will last for three years and is extendable by mutual consent, according to a statement posted on the website of the People's Bank of China(PBOC).

The swap is aimed at promoting bilateral financial cooperation and boosting trade and investment, while ensuring regional financial stability, reported Xinhua.

Since the onset of the global financial crisis in late 2008, China has signed currency swap agreements with 14 countries and regions.

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