Central banks of China, Pakistan renew currency swap agreement

(ECNS) -- China's central bank, the People's Bank of China, said in a statement released on Wednesday that it has renewed bilateral currency swap agreement with the State Bank of Pakistan.

The agreement, with a swap size of 30 billion yuan (about 4.21 billion U.S. dollars), or 1.18 trillion Pakistani rupees, is valid for three years and can be renewed upon mutual consent, according to the statement.

The currency swap arrangement will strengthen financial cooperation between China and Pakistan, expand the use of the two currencies, and promote and facilitate bilateral trade and investment, the statement said.