The renewed swap line is valued at 200-billion-yuan (~$28.5 billion). The agreement will remain valid for five years and may be extended further subject to mutual consent, according to the Chinese media reports.
The renewal is expected to strengthen financial collaboration, promote the wider use of local currencies in cross-border transactions, and support bilateral trade and investment flows. The move is also aimed at enhancing overall financial stability between China and Canada, added the reports.
ALCHEMPro News Desk (SG)
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