Contact US >
alchempro
Home breadcru News breadcru Policy breadcru Central banks of China & Iceland renew $493 mn currency swap deal
Textiles

Central banks of China & Iceland renew $493 mn currency swap deal

18 Oct '25
1 min read
Central banks of China & Iceland renew $493 mn currency swap deal
Pic: Shutterstock

Insights

  • The People's Bank of China has renewed its five-year bilateral currency swap agreement with the Central Bank of Iceland, valued at 3.5 billion yuan (~$493 million) or 70 billion Icelandic krona.
  • Signed on October 15, 2025, during the IMF and World Bank Meetings, the deal aims to boost monetary cooperation, trade, and financial stability, strengthening long-standing China-Iceland relations.
The People’s Bank of China (PBoC) has renewed its bilateral currency swap agreement with the Central Bank of Iceland, reinforcing economic and financial cooperation between the two nations. The deal, valued at 3.5 billion yuan (~$493 million) or 70 billion Icelandic krona, will remain valid for five years.

The renewal was formalised on October 15, 2025, during a meeting between PBoC governor Pan Gongsheng and his Icelandic counterpart Asgeir Jonsson on the sidelines of the IMF and World Bank Annual Meetings, PBoC said in a press release.

The agreement aims to deepen monetary collaboration, facilitate bilateral trade and investment, and enhance financial market stability. Pan highlighted that China and Iceland have enjoyed longstanding friendly ties, and this renewed arrangement marks another step towards strengthening financial cooperation between the two countries.

ALCHEMPro News Desk (SG)

More Textiles News - China...

Get Free Weekly Market Insights Newsletter

Receive daily prices and market insights straight to your inbox. Subscribe to AlchemPro Weekly!

More News

Copyright © 2025. All rights reserved by Fibre2Fashion Pvt. Ltd.