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China, Switzerland Sign Currency Swap Agreement

July 21, 2014

SHANGHAI, July 21, SinoCast -- The People's Bank of China and the Swiss National Bank sign a CNY 150 billion/CHF 21 billion bilateral currency swap agreement on July 21, aiming to provide liquidity support for bilateral trades and maintain financial market stability.

The swap agreement is valid for three years, and the term can be extended with consent from both sides.

Signing the agreement indicates the two countries make additional cooperation progress in currency field, which facilitates bilateral trades and investment, further provides liquidity support for Switzerland's renminbi market and boost renminbi use overseas.

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Source: Sinocast Banking & Credit Beat (China)

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