Ukrainian, Chinese central banks sign $2.4 billion currency swap deal
2012-06-26 17:11:47
The National Bank of Ukraine and People's Bank of China have signed a currency swap deal worth 15 billion yuan ($2.36 billion), the Chinese bank says on its Web site.
The deal lapses in three years and can be terminated at any time before that by mutual consent.
It enables companies from both countries to use national currencies for export-import operations and to conduct settlements in national currencies without involving the currencies of other countries.
The swap deal is worth Hr 19 billion in Ukraine's currency.
The currency swap aims to boost exports and imports between Ukraine and China, develop investment and generally support financial stability in the two countries, the Chinese bank said.
Ukraine and China agreed on the swap in November last year. China is prepared to conduct swaps for all bilateral trade, but Ukraine agreed to convert only a third of it into yuan.