China, Iceland Extend Currency Swap Deal (Oct 2013)

Renmimbi-Yuan

Source: Xinhua – China, Iceland extend currency swap deal

Notable excerpts:

China’s central bank said on Monday that it has extended a currency swap agreement worth 3.5 billion yuan (569.11 million U.S. dollars) with Iceland’s central bank.

The swap is aimed at strengthening bilateral financial cooperation, promoting trade between the two countries and maintaining financial stability, the People’s Bank of China said in a statement on its website.

The deal has a three-year maturity and the two sides may extend it if necessary, it said.

The two sides had originally signed a three-year bilateral currency swap deal for the same amount in June 2010.

China has signed bilateral currency swap agreements worth 2.2 trillion yuan with 21 countries and regions worldwide.

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