Jun. 27, 2012 (China Knowledge) - The People's Bank of China (PBOC) yesterday signed a currency swap agreement worth RMB 15 billion with the central bank of Ukraine.

The PBOC said in a statement published on its website that the three-year agreement could be extended with the consent of both parties.

The Chinese central bank said that the move could help strengthen bilateral financial cooperation, promote trade and investment and maintain regional financial stability.

China has inked currency swap agreements worth more than RMB 1.5 trillion with dozen of countries and regions since late 2008.

Media reports said that China and Brazil are likely to reach a ten-year currency swap agreement worth RMB 190 billion in the next few weeks.