PBC signs currency swap with RBA

The People's Bank of China (PBC) signed a three-year bilateral local currency swap contract with the Reserve Bank of Australia (RBA) in Beijing Thursday.

The amount of the exchange - 200 billion yuan ($31.75 billion) for A$30 billion ($31.08 billion) - is another example of the further internationalization of the renminbi.

The currency swap deal aims to boost the flow of trade and investment between the two countries, according to a statement from RBA. The PBC and RBA governors signed the agreement at a ceremony in Beijing.