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China, Malaysia renew currency swap arrangement for 3 years

China and Malaysia have renewed their currency swap arrangement for a further three years, according to a statement on Bank Negara Malaysia's website. The agreement was signed by Bank Negara Malaysia head Tan Sri Zeti Akhtar Aziz and her Chinese counterpart Zhou Xiaochuan in US. – The Malaysian Insider pic by Nazir Sufari, April 18, 2015.China and Malaysia have renewed their currency swap arrangement for a further three years, according to a statement on Bank Negara Malaysia's website. The agreement was signed by Bank Negara Malaysia head Tan Sri Zeti Akhtar Aziz and her Chinese counterpart Zhou Xiaochuan in US. – The Malaysian Insider pic by Nazir Sufari, April 18, 2015.China and Malaysia have renewed their currency swap arrangement for a further three years, according to a statement on the website of Bank Negara Malaysia.

The swap exchanges 180 billion yuan (RM105 billion) for RM90 billion, according to the report, unchanged from the previous swap arrangement in 2012, which increased the size of the first swap signed in 2009.

"This renewed bilateral currency swap arrangement reinforces the on-going commitment by both central banks in promoting the use of local currencies for payment settlement," said Bank Negara Malaysia in its statement.

"The currency swap arrangement will further reinforce the economic and financial linkages as well as promote bilateral trade and investment flows between Malaysia and China."

A separate report on China's official Xinhua news service said the agreement was signed by Bank Negara Malaysia head Tan Sri Zeti Akhtar Aziz and her Chinese counterpart Zhou Xiaochuan in the United States. – Reuters, April 18, 2015.

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