Date 19 May 2017
Reserve Bank renews currency swap facility with People’s Bank of China
The People's Bank of China (PBOC) and the Reserve Bank of New Zealand today announced the renewal of a reciprocal
currency arrangement (swap line) to support the settlement of cross border transactions between New Zealand and Chinese
businesses.
The arrangement, first agreed in 2011, aims to promote bilateral trade and direct investment for economic development
between the two countries. The size of the swap facility is RMB 25 billion (NZD 5 billion) and it has a three year
maturity which may be extended if both parties agree.
Reserve Bank Deputy Governor Grant Spencer said the bilateral currency swap line helps facilitate international use of
the renminbi, and contributes to a strengthening of the China-New Zealand relationship.
ends