China, Japan renew currency swap deal for another 3 years

BEIJING, Oct. 25 (Xinhua) -- The People's Bank of China (PBOC) and the Bank of Japan have agreed to renew their bilateral currency swap deal amounting to 200 billion yuan (about 28.13 billion U.S. dollars), or 3.4 trillion Japanese yen.

The agreement will be valid for a three-year period and can be extended by mutual consent, China's central bank said Friday.

The currency swap deal will help stabilize the financial markets of both countries and support the development of bilateral economic and financial activities, according to the PBOC.

In October 2018, the PBOC inked a bilateral currency swap agreement with its counterpart in Japan -- allowing the two sides to swap a total of 200 billion yuan for 3.4 trillion yen, and vice versa. The deal was renewed in October 2021 for a three-year period.