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Currency swap agreement

China, Pakistan extend currency swap agreement for 3 years

BEIJING: China’s central bank said on Thursday it has signed a three-year bilateral currency swap agreement with Pakistan worth 20 billion yuan ($3.13 billion). The People’s Bank of China (PBOC) said on its website the swap deal woudl help bilateral trade and investment. The two parties believe the extension will facilitate bilateral trade and investment to help economic development in the two countries. Valid for three years, the agreement can be extended upon mutual consent. A currency swap deal allows two…