The central banks of China and Canada have renewed their bilateral currency swap agreement, with a swap scale of 200 billion yuan

With the approval of the State Council, recently, the People's Bank of China and the Bank of Canada (i.e., the central bank of Canada) renewed their bilateral currency swap agreement, with a swap scale of 200 billion yuan. The agreement is valid for five years and can be extended with mutual consent.

The renewal of the bilateral currency swap agreement between China and Canada will help strengthen financial cooperation between the two countries, expand the use of local currencies between China and Canada, facilitate bilateral trade and investment, and maintain financial stability. (Website of the People's Bank of China)