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Japan, China extend currency swap arrangement for 3 years-BOJ -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – This picture illustrates a Japanese 1000 yen and Chinese 100 Yuan banknotes in Beijing, China on January 21 2016. REUTERS/Jason Lee/File Photo

TOKYO (Reuters), Japan and China have extended a currency swap deal, signed in 2018, to allow exchange of local currencies between their central banks for up to 200 billion yuan or 3.4 trillion yen (386 trillion dollars). The Bank of Japan announced Monday.

The BOJ stated in a statement that “By using the Swap Agreement, the Bank of Japan will be ready to provide liquidity in the event Japanese financial institutions encounter unexpected difficulties with Renminbi settlements and the Bank considers the liquidity provision necessary to ensure the stability of Japan’s financial system.”

($1 = 0.0088 yen)

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