Russia & China monetary regulators agreed a draft document on national currency swaps, the Central Bank of Russia said on Thursday.

“The draft document between the Central Bank of Russia and the People’s Bank of China on national currency swaps has been agreed by the parties” and is at the stage of formal approval procedures, the Russian regulator’s press office said.

The volume of national currency swaps and the time of their launch will depend on the demand for this instrument, the press office said.

The swap agreement will boost the potential for using Russian rubles and Chinese yuans in trade settlements, the press office said.

The agreement will also serve as an additional instrument for ensuring international financial stability and offer a possibility to obtain liquidity in critical situations, the Russian regulator’s press office said.

“The agreement will stimulate further development of direct trade in yuans and rubles on the domestic foreign exchange markets of Russia and China,” the press office said.


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