China, Mauritius sign currency swap agreement
The People's Bank of China (PBOC), China's central bank, announced on Wednesday that it has signed a bilateral currency swap agreement with the Bank of Mauritius. The agreement, valued at 2 billion yuan (approximately 281.1 million U.S. dollars) or 13 billion Mauritian rupees, was confirmed in a statement published on the PBOC's website.
According to the statement, the agreement will be valid for three years and can be renewed upon mutual consent. This currency swap arrangement is expected to bolster financial cooperation between China and Mauritius, increase the usage of both countries' currencies, and further promote and facilitate bilateral trade and investment.
Since the establishment of diplomatic relations, economic and technical cooperation between China and Mauritius has steadily progressed. The two governments have signed agreements on taxation, economic and technical cooperation, and in 1985 established a joint committee for economic, technical, and trade cooperation. In September 2016, the Bank of China opened a subsidiary in Mauritius. In October 2019, China and Mauritius signed a bilateral free trade agreement, which officially came into effect on January 1, 2021.
In 2023, bilateral trade volume reached 1.001 billion U.S. dollars, marking a 3.4% year-on-year increase. Of this, China's exports amounted to 978 million U.S. dollars. In the first half of 2024, bilateral trade totaled 498 million U.S. dollars, up 8.6% from the previous year, with China exporting 488 million U.S. dollars' worth of goods and importing 10 million U.S. dollars. In December 2022, the Bank of China's Mauritius subsidiary launched a renminbi clearing service.
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