Pakistan strengthens China ties with expanded swap agreement

state-bank-of-pakistan-sbp
The State Bank of Pakistan

The State Bank of Pakistan (SBP) has tightened the economy’s links with China, striking a deal with the People’s Bank of China to double the currency swap line between them.

Pakistan will now be able to draw on Chinese currency up to a value of 10 billion yuan ($1.6 billion), while the PBoC can draw on a similar value, up to 351 billion Pakistani rupees ($3.0 billion).

“The increase in the [swap agreement] amount reinforces the commitment of the two central banks to promote the usage of local

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