China agrees $3.83 billion currency swap with New Zealand

Renminbi - China's currency

The People's Bank of China (PBoC) and the Reserve Bank of New Zealand (RBNZ) on Monday agreed to a 25 billion yuan ($3.83 billion) currency swap, that will boost settlement of transactions in renminbi.

The RBNZ said the bilateral agreement, which runs for three years and can be extended by agreement between the two sides, would help support the settlement of renminbi transactions between New Zealand and Chinese businesses. The facility will also provide New Zealand's central bank with renminbi f

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