China, Kazakhstan sign currency swap deal

10:08, June 14, 2011      

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China's central bank said Monday that it had signed a 7 billion yuan (about 1.08 billion U.S. dollars) currency swap deal with the National Bank of Kazakhstan.

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

The swap is aimed at promoting bilateral trade and financial cooperation, the statement said.

Since the onset of the global financial crisis in late 2008, China has signed currency swap agreements, worth 841.2 billion yuan, with 12 countries or regions, according to the statement.

Source: Xinhua
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