China, Switzerland reach currency swap deal  

(ECNS) – Central banks in China and Switzerland signed a bilateral currency swap agreement for 150 billion yuan ($24.15 billion) on Monday, according to the official website of People's Bank of China.

The agreement is valid for three years and can be extended by mutual consent.

The deal marks the progress of bilateral cooperation in monetary and financial fields, and helps facilitate trade and investment between the two countries, according to the report.

Moreover, it will provide liquidity backstops to the yuan market in Switzerland, the report added.