Central Banking

China and Mongolia double currency swap arrangement

china-mongolia

The People's Bank of China (PBOC) and the Bank of Mongolia today signed a supplementary currency swap arrangement. The agreement doubles the amount of a bilateral swap agreed in 2011 from 5 billion yuan or 1 trillion tögrög ($791 million) to 10 billion yuan or 2 trillion tögrög.

A brief statement posted on the PBOC's website said that both sides thought the bilateral currency swap agreement would be conducive to maintaining regional financial stability and would facilitate bilateral trade and in

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