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China,Switzerland : CHINA'S central bank ratifies US$24.4 billion bilateral currency swap deal with SWISS NATIONAL BANK

July 24, 2014

A bilateral currency swap deal has been inked by China's central bank with the Swiss National Bank (SNB) worth 150 billion yuan, or 21 billion Swiss francs (US$24.4 billion).

The swap deal terms would be 3 years and it can be extended if the two of the parties agree.

This deal would help alleviate trade and investment between China and Switzerland and offer liquidity support for the growth of the offshore yuan market in Switzerland.

An investment quota has also been granted to the SNB for the Chinese interbank bond market in the amount of 15 billion yuan (US$2.41 billion).

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Source: TendersInfo (India)

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