Bank Negara and People’s Bank of China renew bilateral currency swap

KUALA LUMPUR: Bank Negara Malaysia (BNM) and the People’s Bank of China recently entered into an agreement to renew the bilateral currency swap arrangement with a size of RMB180 billion/RM110 billion for a further tenure of three years.

The agreement was first established in 2009 and renewed in 2012 and 2015, BNM said in a statement today.

The renewal of the agreement demonstrated continuous commitment in promoting the use of local currencies for bilateral trade and direct investment between Malaysia and China.