Mar. 23, 2012 (China Knowledge) - The People's Bank of China
and the Reserve Bank of Australia yesterday signed a currency swap agreement worth RMB 200 billion or A$30 billion in Beijing
The Chinese central bank said an online statement that the three-year agreement could be extended with the consent of both parties.
The agreement aims to help strengthen financial cooperation, facilitate bilateral trade and investment between the two countries and promote regional financial stability.
Official statistics showed that trade between China and Australia surged 30.9% year on year to US$118.07 billion in 2011. Australia's exports to China rose 38.2% to US$74.56 billion last year, while its imports from China increased 20.0% to US$43.51 billion. China is now Australia's biggest trade partner, export destination and import source.
Since late 2008, China has signed currency swap agreements worth a total of RMB 1.5 trillion with 17 countries and regions to promote the use of the Chinese currency in trade and investment with these economies.