China and Chile sign currency swap agreement

Santiago, May 26: China's Prime Minister Li Keqiang and Chilean President Michelle Bachelet signed a currency swap deal seeking to deepen economic ties by boosting trade and investment.

The currency swap agreement between Chile's central bank and the People's Bank of China was announced yesterday. It eases the exchange of up to 2.2 trillion pesos (about USD 3.6 billion) for the next three years. China has signed currency swap deals with several countries and has worked with financial centers to develop international hubs for offshore trading of the currency.

The premier's visit to Chile ends a four-nation tour of South America, which also included Brazil, Colombia and Peru. China is Chile's top trading partner, accounting for about 24 per cent of the Andean nation's exports, which include copper, salmon and wine.

AP