Scoop has an Ethical Paywall
Reserve Bank renews currency swap facility with China
Date 19 May 2017
Reserve Bank renews currency swap facility with People’s Bank of China
The People's Bank of China (PBOC) and the Reserve Bank of New Zealand today announced the renewal of a reciprocal currency arrangement (swap line) to support the settlement of cross border transactions between New Zealand and Chinese businesses.
The arrangement, first agreed in 2011, aims to promote bilateral trade and direct investment for economic development between the two countries. The size of the swap facility is RMB 25 billion (NZD 5 billion) and it has a three year maturity which may be extended if both parties agree.
Reserve Bank Deputy Governor Grant Spencer said the bilateral currency swap line helps facilitate international use of the renminbi, and contributes to a strengthening of the China-New Zealand relationship.
ends
Business Canterbury: Urges Council To Cut Costs, Not Ambition For City
Wellington Airport: On Track For Net Zero Emissions By 2028
Landcare Research: ANZAC Gall Fly Release Promises Natural Solution To Weed Threat
NZ Anti-Vivisection Society: Auckland Rat Lovers Unite!
University of Canterbury: $1.35 Million Grant To Study Lion-like Jumping Spiders
Federated Farmers: Government Ends War On Farming
