Economy 2021-11-15T06:04:36+02:00
Ukrainian news
NBU, People's Bank Of China Renew Currency Swap Agreement

NBU, People's Bank Of China Renew Currency Swap Agreement

NBU, People’s Bank of China, PBC

The National Bank of Ukraine and the People’s Bank of China (PBC) have renewed the Chinese Remnimbi / Hryvnia Bilateral Currency Swap Arrangement for another three years.

The Ukrainian central bank announced this in a statement, Ukrainian News Agency reports.

The statement reads that the maximum value of the swap line remains unchanged at RMB 15 billion or UAH 62 billion.

According to the statement, the agreement was signed on December 10 by NBU Governor Yakiv Smolii and the PBC Governor Yi Gang during Governor Smolii’s working visit to Beijing, China.

"China is Ukraine’s 2nd-largest trade partner in terms of goods turnover, and the Renminbi’s role in international trade is increasing globally. Access to the funds received under the agreement will facilitate trade between Ukraine and China in the Remnimbi. The agreement will contribute to the further economic cooperation between the two countries," said NBU governor Smolii.

As Ukrainian News Agency earlier reported, the agreement is the third one between the NBU and the PBC.

The previous swap agreement was signed in 2015 and expired in June 2018.

The previous bilateral currency swap agreement was signed for up to UAH 54 billion and RMB 15 billion.

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