Monday, August 20, 2018,18:28
China, Malaysia extend currency swap deal
By Xinhua
Monday, August 20, 2018, 18:28 By Xinhua

In this undated photo, a cyclist pedals past the headquarters of the People's Bank of China in Beijing. (FAN SHAOGUANG / FOR CHINA DAILY)

BEIJING - The People's Bank of China, the country's central bank, said Monday that it had extended a currency swap agreement with the central bank of Malaysia. 

READ MORE: China, Malaysia willing to deepen friendly cooperation

The swap is for 180 billion yuan or 110 billion Malaysian ringgit, according to the bank.

The two parties believe the extension will facilitate bilateral trade and investment.

Valid for three years, the agreement can be extended upon mutual consent.

A currency swap allows two institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to financial markets.