The People's Bank of China (PBOC) and the Reserve Bank of New Zealand today announced the renewal of a reciprocal currency arrangement (swap line) to support the settlement of cross border transactions between New Zealand and Chinese businesses.
The size of the swap facility is RMB 25 billion, and it has a five-year maturity which may be extended if both parties agree. The arrangement was first agreed in 2011 and was previously renewed in 2014, 2017 and 2020.
The aim of the swap line is to help promote bilateral trade and economic development between the two countries while also supporting financial stability.
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