China, Mongolia central banks renew currency swap agreement

BEIJING, Aug. 1 (Xinhua) -- The People's Bank of China (PBOC), China's central bank, said Tuesday that upon approval by the State Council, it renewed a currency swap agreement for another three years with its Mongolian counterpart, the Bank of Mongolia.

The value of the currency swap totaled 15 billion yuan (about 2.1 billion U.S. dollars), or 7.25 trillion Mongolian tugrik, a statement released by the PBOC said.

The renewal of the agreement will help further deepen financial cooperation between the two countries, promote bilateral economic and trade exchanges, and maintain the stability of the financial market, the statement added.