China's PBOC extends currency swap pacts with ECB, Swiss, Hungarian central banks

[BEIJING] China’s central bank has extended currency swap agreements with the European Central Bank and the central banks of Switzerland and Hungary, the People’s Bank of China (PBOC) said on Monday.

The PBOC-ECB bilateral local currency swap, amounting to 350 billion yuan (S$63.08 billlion), or 45 billion euros (S$67.8 billion), has been extended for three years to 2028, in line with an ECB statement issued earlier in the day.

The China-Switzerland agreement, valued at 150 billion yuan, or 17 billion Swiss francs, and the China-Hungary agreement, for 40 billion yuan, or 1.9 trillion Hungarian forints, have both been extended for five years to 2030, the PBOC said.

The PBOC said the swap renewals will further deepen monetary and financial cooperation with these economies, help to maintain financial stability, and facilitate trade and investment. REUTERS