Media Release Renewal of Bilateral Local Currency Swap Agreement With the People's Bank of China

The Reserve Bank of Australia and People’s Bank of China have renewed the Bilateral Local Currency Swap Agreement for a further five years. The agreement, which can be activated by either party, allows for the exchange of local currencies between the two central banks of up to A$46 billion or CNY 220 billion.

The initial swap agreement between the two central banks was first signed in 2012 and has been renewed on a regular basis since that time.

The main purposes of the agreement are to promote bilateral trade and investment for economic development of the two countries.