Thailand and China have decided to renew their currency swap agreement, announced the People’s Bank of China (PBoC) on January 8 (Photo: CNN) Beijing (VNA) – Thailand and China have decided to renew their currency swap agreement, announced the People’s Bank of China (PBoC) on January 8.
The agreement allows the PBoC and the Bank of Thailand to change 70 billion CNY (about 10.8 billion USD) into 370 billion THB. The decision aims to support bilateral trade and investments, as well as promote the growth of the two economies.
The new agreement will be valid for three years and could be extended by mutual consent.
The two banks reached a 70 billion CNY currency swap deal in December 2014. The deal allows the two banks to exchange payments in one currency for equivalent amounts in the other, facilitating bilateral trade agreements and providing liquidity support to financial markets.-VNA
