Currency swap with HK signed

The mainland yesterday inked a 200-billion-yuan currency swap deal with Hong Kong, the central bank said, in a move to promote financial stability and economic growth in the special administrative region.

The deal, which will last for three years and can be extended upon the agreement of the two sides, "will enhance outsiders' confidence in and promote Hong Kong's financial stability", the People's Bank of China said.

"It will also promote the development of the yuan-denominated trade between the two sides," it added.