China signs currency swap deal with UAE

Edited and translated by Yao Chun, People's Daily Online

People's Bank of China, China's central bank, said on Jan. 17 that it has signed a 35-billion-yuan (5.6 billion U.S. dollars) currency swap agreement with the Bank of the United Arab Emirates (UAE).

The agreement will last for three years and is extendable by mutual consents, according to a statement posted on the website of the People's Bank of China.

The swap is aimed at enhancing bilateral financial cooperation and promoting trade and investment as well as ensuring regional financial stability, it said.

Since the onset of the global financial crisis in late 2008, China has signed a total of 1.3-trillion-yuan currency swap agreements with 15 countries and regions such as South Korea, Malaysia, Hong Kong, Belarus, Argentina, etc. Some of the agreements have taken effect and promote the bilateral trade and investment between China and these economies.