China-Australia Agree on Bilateral Currency Swap Agreement

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Mar. 23 – The central banks of China and Australia signed a currency swap agreement yesterday that will allow RMB200 billion (A$30 billion) worth of local currencies to be exchanged between the two countries over three years.

The purpose of the agreement, according the People’s Bank of China, is to help strengthen financial cooperation between the two sides, boost bilateral trade and investment, and promote regional financial stability. Continue reading…

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