Mongolia and China agreed to extend the bilateral currency swap arrangement

Date: 2017/02/24

The Bank of Mongolia and the People’s Bank of China have agreed to extend the local currency swap line during the meeting between Deputy Governor Lkhagvasuren Byadran and Deputy Governor Yi Gang on February 22, 2017 in Beijing, the People’s Republic of China.

Currently two central banks have RMB 15 billion swap line, maturing in 2017. It is expected that the maturity will be extended to 2020 by the agreement.

The central banks first entered into the swap arrangement in 2011 with RMB 5 billion. The swap line was expanded two time in 2012 and 2014 to RMB 15 billion.