OREANDA-NEWS. March 29, 2012. Authorized by the State Council, the People’s Bank of China signed a bilateral local currency swap agreement with the Reserve Bank of Australia in Beijing, for the purpose of promoting bilateral financial cooperation, facilitating bilateral trade and investment, and safeguarding regional financial stability, reported the press-centre of PBC. 

The amount of the agreement is 200 billion yuan or AUD30 billion.

The currency swap agreement will expire in three years, but with mutual consent it can be extended.