BEIJING, June 9 (Xinhua) — China\’s central bank on Friday said that it has renewed a bilateral currency swap agreement with the Central Bank of Argentina.
The deal has a scale of 130 billion yuan (about 18.28 billion U.S. dollars), or 4.5 trillion Argentine peso. It will be valid for three years, according to the People\’s Bank of China.
A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.