Beijing: The People's Bank of China (PBOC), China's central bank, has renewed bilateral currency swap agreements with the European Central Bank (ECB), the Swiss National Bank (SNB), and the National Bank of Hungary (MNB), respectively.
According to Qatar News Agency, the size of the PBOC-ECB swap is 350 billion yuan (nearly $50 billion), or 45 billion euros, and is valid for three years, as stated in a PBOC statement cited by Xinhua News Agency.
The deal with the SNB involves 150 billion yuan, or 17 billion Swiss francs, for five years, while the PBOC-MNB agreement is also valid for five years with a swap size of 40 billion yuan, equivalent to 1.9 trillion Hungarian forints.
The renewal of the swap arrangements aims to further deepen monetary and financial cooperation, facilitate bilateral trade and investment between China and the relevant economies, and support the stability of financial markets, as highlighted in the statement.