The currency swap is an arrangement in which two parties exchange specific amounts of yuan and another currency, and a series of interest payments on the cash flows.
network of standing currency swap arrangement
Currency derivatives contracts (including currency swaps, options and other over-the-counter derivatives) registered an average daily turnover of US$1.4 billion in April 1998, compared with US$0.7 billion in April 1995, according to the BIS.
The East Asian fund will replace an existing, mainly bilateral currency swap mechanism called the Chiang Mai Initiative.
"Banks have been lobbying SAFE to allow corporates to enter into currency swaps for some time," said an Asian bank trader based in Shanghai.
We have signed bilateral currency swap agreements with some developing countries.
According to the currency swap agreement, Jakarta may turn to the renminbi to repurchase the rupee.
