Central Banking

China and Australia sign A$30bn currency swap

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The People's Bank of China (PBoC) and the Reserve Bank of Australia (RBA) have signed an A$30 billion/200 billion yuan ($31 billion) currency swap arrangement. The three-year facility, which can be activated by either party, allows the exchange of local currencies between the two central banks.

The PBoC and RBA said the swap agreement would support growing trade and investment between China and Australia, particularly in local-currency terms, as well as strengthening bilateral financial co

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