China, New Zealand renew $3.52bn currency swap agreement to strengthen economic cooperation
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Abdullateef Fowewe
The People’s Bank of China (PBOC), the country’s central bank, has officially renewed a bilateral currency swap agreement with the Reserve Bank of New Zealand.
The renewed deal, valued at 25 billion yuan (approximately 3.52 billion U.S. dollars), was announced on Thursday via a statement on the PBOC’s official website.
The currency swap arrangement is set to remain valid for five years and includes provisions for potential renewal upon mutual agreement between the two countries.
According to the PBOC, this renewed financial agreement aims to deepen monetary and financial cooperation between China and New Zealand.
It is expected to facilitate smoother bilateral trade and investment flows while enhancing stability within the financial markets of both nations.
“This renewed currency swap agreement reaffirms the strong financial partnership between China and New Zealand. It plays a critical role in supporting ongoing economic cooperation and ensuring stability amid evolving global economic conditions,” the PBOC said in its statement.
The Reserve Bank of New Zealand echoed this sentiment, emphasising the arrangement’s importance in providing liquidity support and promoting mutual economic growth.
