PBOC renews currency swap deal with Brazil's central bank

(ECNS) -- The People's Bank of China (PBOC), the country's central bank, renewed a currency swap agreement with Brazil's central bank on Tuesday with a total of 190 billion yuan (about 26.39 billion dollars), or 157 billion reais, the PBOC said in a statement.

The agreement is valid for five years and can be renewed upon mutual consent, it said.

The renewed swap arrangement is expected to support wider use of local currencies, promote bilateral trade and investment facilitation, and help maintain financial market stability.

On the same day, the two sides inked a memorandum of understanding (MOU) on financial strategic cooperation to facilitate cooperation between the two countries in investment environments, financial technical exchange, financial infrastructure, and local currencies and payments, the PBOC said.

(By Zhang Dongfang)