China, Egypt sign currency swap dealSource: www.export-egypt.com 12/6/2016, Location: Africa |
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China's central bank signed a currency swap agreement with its Egyptian counterpart worth CNY 18 billion (USD 2.6 billion) to strengthen trade and financial cooperation, state-run Xinhua News Agency reported.
The deal, signed between the People's Bank of China and the Central Bank of Egypt, will last for three years and can be extended upon agreement of both sides, China's central bank said in a statement. The currency swap deal allows the two institutions to exchange payments in one currency for equivalent amounts in the other, to facilitate bilateral trade settlements and provide liquidity support to financial markets, it added. The deal aims to maintain financial stability in the two countries and facilitate bilateral trade and investment, it said. |
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