China, Kazakhstan renew currency swap deal

Central banks of China and Kazakhstan on Sunday decided to renew their three-year currency swap deal, said a statement on the website of the People's Bank of China (PBC).

The two sides also signed currency settlement and payment agreement, which means local currencies can be used for settlement in not only border trade but also ordinary trade activities, said the statement.

The move is good to deepen China-Kazakhstan currency and financial cooperation, facilitate bilateral trade and investment, and safeguard regional financial stability, the statement quoted an unnamed PBC official as saying.

The agreement coincided with the arrival of Chinese Premier Li Keqiang on Sunday in Kazakhstan to pay an official visit to the country and attend the 13th prime ministers' meeting of the Shanghai Cooperation Organization.