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China extends currency swap deal with Pakistan sidelining the US dollar
China extends currency swap deal with Pakistan
BEIJING: China today extended currency swap agreement with Pakistan amid reports that Beijing has given a USD one billion loan to Islamabad to avert a foreign currency crisis.
The People’s Bank of China, the country’s central bank, said today it had extended a currency swap agreement with the State Bank of Pakistan.
The swap is sized at 20 billion yuan (USD 3.1 billion) or 351 billion Pakistani rupees, according to a statement from the bank.
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 institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to financial markets, state-run Xinhua news agency reported today.
In an interview with The Financial Times, the State Bank of Pakistan Governor Tariq Bajwa confirmed the loans were made by Beijing-backed banks in April on good rates.
“The money strengthens the financial, political and military ties between the two countries,” the top Pakistani banker was quoted as saying by the paper.
“Chinese commercial banks are awash with liquidity,” Bajwa said.
Pakistan’s foreign exchange reserves have dropped from USD 18.1 billion in April la ..
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