Chinese mainland, Macao sign currency swap deal

2019-12-06 08:45:49Xinhua Editor : Gu Liping ECNS App Download
Special: 20thanniversaryofMacaoreturntoChina

China's central bank said Thursday it has inked a currency swap deal with the monetary authority of the Macao Special Administrative Region.

The deal will allow the two sides to swap a total of 30 billion yuan (about 4.3 billion U.S. dollars) for 35 billion patacas and vice versa, said the People's Bank of China (PBOC).

The move is aimed at maintaining financial stability and supporting the economic and financial development of both sides, according to the PBOC.

The agreement will be valid for three years and can be extended by mutual consent.

A currency swap deal allows 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.


Most popular in 24h

MoreTop news


Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2019 All rights reserved.
Reproduction in whole or in part without permission is prohibited.