Beijing: The People’s Bank of China (PBOC) has renewed currency swap agreements with the European Central Bank, the Swiss National Bank, and the Hungarian National Bank, reinforcing Beijing’s global financial ties and commitment to monetary cooperation.

According to an official statement, the agreement with the European Central Bank is valued at 350 billion yuan (around USD 50 billion or EUR 45 billion) and will be valid for three years. The deal with the Swiss National Bank is worth 150 billion yuan (17 billion Swiss francs) and will run for five years, while the agreement with the Hungarian National Bank covers 40 billion yuan (1.9 trillion Hungarian forints) for a five-year term.

The PBOC noted that renewing these agreements will help enhance monetary and financial cooperation, facilitate bilateral trade and investment, and support the stability of international financial markets.

Since launching its first currency swap deal in 2009, China has signed similar agreements with more than 20 countries and regions as part of its broader strategy to internationalize the yuan and strengthen its role in global trade and finance.