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(Yicai Global) Nov. 19 -- China's central bank has renewed its currency swap contract with Bank Indonesia to keep the financial market stable, the Chinese entity said in a statement today.
The People's Bank of China penned an agreement that involves a sum of CNY200 billion (USD28.8 billion) or IDR440 trillion for future transactions. The deal will be valid for three years.
Chinese forex swaps help to avert volatility caused by fluctuations of the US dollar and facilitate the internationalization of the Chinese yuan. This particular one will also promote trade between China and Indonesia.
Editor: Emmi Laine