China cen bank’s currency swap deal

Beijing: China’s central bank has extended a bilateral currency swap agreement worth 3.5 billion yuan (Dh21 billion) with the Icelandic central bank, in a move to strengthen economic cooperation, facilitate economic exchanges and improve currency stability. The People’s Bank of China said in a statement on its website on Monday that the maturity of the deal will be three years and the two sides can extend it further if needed. The two had originally signed a three-year swap deal for the same amount in June 2010.