China, Indonesia renew bilateral swap agreement

The agreement is valid for 5 years.

The People’s Bank of China (PBOC) and the Bank Indonesia (BI) have renewed their bilateral currency swap agreement.

The agreement size is CNY400b or IDR878t, or approximately $54.76b.

The agreement is valid for five years and can be renewed upon mutual consent.

This renewal is expected to “help deepen monetary and financial cooperation between the two countries,” the PBOC said in a statement posted on its website.

The PBOC also expects the agreement to facilitate bilateral trade and investment and safeguard the stability of financial markets.

(US$1 = CNY7.30. As of 10 February 2024, Google).