news_en.montsame.mn/economics/item/...-currency-swap-agreement
Ulaanbaatar /MONTSAME/ The president of the Bank of Mongolia (BoM) Mr N.Zoljargal and a governor of the People's Bank of China (PBoC) Mr Zhou Xiaochuan Thursday signed a new currency swap agreement for a term of another three years, with its size expanded from RMB10 billion to RMB15 billion.
The new agreement will be effective for three years and can be extended by mutual consent and superseded the RMB10 billion currency swap agreement, signed on May 6 of 2011 and extended on May 14 of 2014.
The BoM and PBoC relations have witnessed remarkable growth since 2011 when the first agreement was signed. With efforts from both sides, the new currency swap agreement and the expansion of its size marked a new step in development of bilateral relationship between the two central banks.
The expansion of the currency swap agreement is crucial in helping to provide liquidity, when necessary, to maintain the stability of the financial market. The new agreement will facilitate the further development of trade and investment between the two countries.
China is Mongolia’s largest trading partner and investor for the past 10 years, with the bilateral trade volume reaching 5.4 billion U.S. dollars in 2013.
In June of 2014, the Yuan ranked as the seventh most active currency for global payments and accounted for 1.55 percent of payments worldwide and overtook the euro to become the second-most used currency in global trade finance after the dollar last year, according to the Society for Worldwide Interbank Financial Telecommunication (Swift).
Zurück
