China and Europe test bilateral currency swap operations: PBOC

[BEIJING] China's central bank has tested bilateral currency swap operations with the European Central Bank, according to a notice posted on the People's Bank of China (PBOC) website on Thursday.

The currency swap deal, signed in October 2013, totalled 350 billion yuan (S$77.14 billion), or 45 billion euros, the bank said. Two currency swap tests were conducted in April and November this year.

Both operations were completed successfully and are a step towards facilitating better trade and investment between China and Europe, the notice said.

REUTERS