Media Release Bilateral Local Currency Swap Agreement with the People's Bank of China

The Reserve Bank of Australia has extended its bilateral local currency swap agreement with the People's Bank of China (PBC) for a further three years. The agreement, which can be activated by either party, allows for the exchange of local currencies between the two central banks of up to A$40 billion or CNY 200 billion. An initial swap agreement between the two central banks had been signed in 2012, with a subsequent agreement executed in 2015 for a further period of three years.

The main purposes of the agreement are to support trade and investment between Australia and China, particularly in local-currency terms, and to strengthen bilateral financial cooperation.