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Last updated at: (Beijing Time) Wednesday, December 31, 2003

Mutual currency swap agreement signed between China and Indonesia

A bilateral currency swap agreement was signed in Beijing Dec.30 by Zhou Xiaochuan, governor of the People's Bank of China, and Burhanuddin Abdullah, governor of Bank Indonesia (Indonesia's central bank). According to the agreement, the People's Bank of China will extend up to USD1b credit to Bank Indonesia when it is necessary.


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A bilateral currency swap agreement was signed in Beijing Dec.30 by Zhou Xiaochuan, governor of the People's Bank of China, and Burhanuddin Abdullah, governor of Bank Indonesia (Indonesia's central bank). According to the agreement, the People's Bank of China will extend up to USD1b credit to Bank Indonesia when it is necessary. As a compliment to the financial aids which Indonesia receives from international financial institutions, this credit will help to balance Indonesia's international payment account and secure its financial stability.

The mutual currency swap agreement represents a concrete step taken by China and Indonesia to fulfill the commitment of "Chiang Mai Proposal" under the cooperation framework of ASEAN plus China, Japan and South Korea. It demonstrates China's efforts on pushing forward the further cooperation on currencies in the east Asian area, keeping the financial stability in the area, and consolidating the friendly neighborhood between China and Indonesia.

This is the sixth bilateral currency swap agreement signed by the People's Bank of China. Five such agreements have been signed with the central banks of Thailand, Japan, South Korea, Malaysia, and the Philippines. The amount involved in those agreements with the People's Bank of China as a signatory party within the "Chiang Mai Proposal" has so far reached USD10.5b.



(News from China News Service and translated by PD Online)


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