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China, Ukraine to renew bilateral currency swaps

China and Ukraine have renewed a bilateral local currency swap agreement, the People's Bank of China, the central bank, said on Monday. The agreement between the central banks of the two nations is worth 15 billion yuan ($2.18 billion), or 62 billion hryvnias and will be valid for three years, with an option for further extension upon mutual consent, according to the PBOC. The move is aimed at facilitating bilateral trade and investment to boost economic development in both countries, it said. The swap deal was first agreed by the central banks of the two nation's in 2012.

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