Thai cabinet approves currency swap with China

THAILAND - Thailand's cabinet approved a $2 billion unilateral currency swap deal with China Tuesday which can be used in the event of a foreign exchange crisis, a Finance Ministry official said.

Sathit Limpongpan, head of the Finance Ministry's fiscal policy bureau, told reporters that the final details of the deal would have to be agreed by the Bank of Thailand and the contract would then be signed by the respective central banks.

The deal, which had been agreed in principle last August, give