Beijing: The People’s Bank of China (PBOC) has announced the renewal of a bilateral currency swap agreement with Bank Indonesia. This agreement underscores the ongoing financial collaboration between the two nations.
According to Lao News Agency, the PBOC stated on its website that the agreement is valued at 400 billion Chinese yuan, approximately 55.79 billion US dollars. The arrangement is set for a duration of five years, with the possibility of renewal upon mutual agreement.
The currency swap deal is aimed at enhancing financial cooperation between China and Indonesia, facilitating bilateral trade and investment, and ensuring the stability of financial markets in both countries.