Latest News:  
Beijing   Light snow    0 / -4   City Forecast

People's Daily Online>>China Business

China signs currency swap deal with UAE

(China Economic Net)

08:54, January 19, 2012

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.


Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese premier starts official visit to Qatar

  2. Dough modelling artist makes preparation for Year of the Dragon

  3. White whales present show to celebrate Chinese New Year

  4. Polar bear cub meets visitors in China's Shandong

Most Popular


  1. Farewell to double-digit GDP growth
  2. Actions speak louder than words
  3. New driving force for East Asian cooperation
  4. In love with luxury amid global gloom
  5. China should take fight to US over Iran
  6. How will HK go through economic difficulties in 2012
  7. US dollar is just a dirty shirt
  8. Factors affecting world economy in 2012
  9. Why Russia's aircraft carrier visits Syrian port
  10. Central grain reserves turn into 'market stabilizer'

What's happening in China

Smoggy days spur surge in air filter sales

  1. China's FDI falls 12.73 pct in Dec.
  2. Flashy earphones an invitation to thieves
  3. China seeks to improve college hardware
  4. Oil prices rise on China economic report
  5. China set to develop 10 major metals

PD Online Data

  1. Yangge in Shaanxi
  2. Gaoqiao in Northern China
  3. The drum dance in Ansai
  4. Shehuo in Baoji City
  5. The dragon dance