China and Iceland central banks extend currency swap agreement

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China and Iceland central banks extend currency swap agreement

The People's Bank of China, the country's central bank, announced on 30 September that it extended a currency-swap contract worth RMB 3.5 billion (US$ 569.11 million) with the central bank of Iceland. The swap is intended to strengthen bilateral financial relationships, promote trade between the two nations, and preserve financial stability, according to a PBC statement. In June 2010, a three-year bilateral currency-swap agreement was signed for the same amount, according to Chinese State run media.

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