Beijing: The People's Bank of China has announced the renewal of a bilateral currency swap agreement with the Bank of Canada. This agreement facilitates the exchange of currencies worth 200 billion yuan, which is approximately USD 28.5 billion.
According to Bahrain News Agency, the agreement will be effective for five years and may be renewed with mutual consent. The renewal is aimed at supporting financial cooperation between China and Canada, expanding the use of local currencies, facilitating bilateral trade and investment, and contributing to financial stability.