China announces currency swap with Pakistan

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China announces currency swap with Pakistan

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The Chinese central bank said Saturday it swapped 10 billion yuan for 140 billion Pakistani rupees.

24 December,2011 10:30 am

China has announced a currency swap with Pakistan in the latest step to gradually expand use of the tightly controlled Chinese currency abroad.The Chinese central bank said Saturday it swapped 10 billion yuan ($1.6 billion) for 140 billion Pakistani rupees. It said the exchange would promote investment and trade but gave no details of how the money would be used.Chinas yuan doesnt trade on global markets, but Beijing is gradually expanding its use for trade with some countries. It has carried out currency swaps with Argentina and Kazakhstan and agreed to lend yuan to other countries in case of emergencies.