Malaysian, Chinese central banks renew bilateral currency swap arrangement

Kuala Lumpur, Nov 23 (UNI/Xinhua) Malaysia’s central bank Bank Negara Malaysia (BNM) and China’s central bank the People’s Bank of China (PBOC) have renewed the bilateral currency swap arrangement for a term of five years, with the size maintained at 180 billion yuan or 110 billion ringgit, the BNM said on Tuesday. The BNM said in a statement that the first agreement between the bank and the PBOC was established in 2009, and was renewed in 2012, 2015 and 2018.

This renewal reinforces the ongoing cooperation by both central banks. The swap arrangement supports settlement of regional trade and investment in local currency, as well as promotes regional financial stability,” said BNM Governor Nor Shamsiah Mohd Yunus.