(RTTNews) - Wednesday, the Chinese central bank and its Belarusian counterpart established a bilateral currency swap facility. The arrangement is worth 20 billion yuan or 8,000 billion Belarusian rubles with a term of three years.
In a statement, the People's Bank of China and the National Bank of the Republic of Belarus said the arrangement is meant to promote bilateral trade and investment for economic development of the two countries. The deal could be extended by agreement between the two nations.
China had established a three-year currency swap deal worth 80 billion yuan with Malaysia in February and a similar deal worth 200 billion yuan with Hong Kong in January. In December last year, the country inked a 180 billion yuan three-year swap deal with South Korea.