China, Albania sign currency swap deal

The People's Bank of China (PBOC), the country's central bank, announced on Thursday that it has signed a bilateral currency swap agreement with Albania's central bank.

The agreement, worth 2 billion yuan (324.8 million U.S. dollars)/35.8 billion lek, lasts for three years and can be extended if both sides agree, a PBOC statement said.

The PBOC said the agreement aims to strengthen bilateral financial cooperation, promote trade and investment and jointly maintain regional financial stability.

The agreement was approved by the State Council, China's cabinet.

China has signed currency swap agreements with 21 countries and regions that totaled 2.2 trillion yuan.