The National Bank of Hungary (NBH) and the People’s Bank of China have on 9 September 2013 signed a bilateral currency swap agreement with a notional amount of CNY 10 billion in the BIS headquarters in Basel, in a bid to support bilateral trade and investment co-operation, the Hungarian central bank has announced on Monday.
“Under the agreement, the NBH can secure Chinese yuan up to the agreed amount, which can be used to finance domestic market participants’ activities in case of need. The agreement will expire in three years, but can be extended with mutual consent," the NBH said in a statement.
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