Monday, August 25, 2014

Mongolia and China expand size of bilateral currecy swap to $2.4 billion

SHANGHAI, Aug 25 (Reuters) - Mongolia and China agreed a three-year bilateral currency swap arrangement for 15 billion yuan ($2.44 billion), in a deal signed last week during a visit by China's president Xi Jinping.

The new swap arrangement marks a 50 percent increase in size from the previous deal signed in 2012.

Xi also signed 26 new deals on railroads, mining and power generation with Mongolia during a state visit that began on August 21.

Moody's Investors Service said in its research report that the extension signified the economic and geopolitical importance that China placed on improving its relationship with Mongolia and suggested a fundamental shift in Mongolia's previously hostile stance toward Chinese participation in its economy.

For a list of China's current standing currency swaps, click here:

($1= 6.1508 Chinese yuan)

(Reporting by Chen Yixin and Shanghai Newsroom; Editing by Simon Cameron-Moore)

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