China Sticks to Currency Swap Deal With Russia: Chinese Foreign Ministry

© Sputnik . Mihail Kutusov / Go to the photo bankChina has not sought to amend its currency swap agreement with Russia despite the recent plunge in the ruble's value against dollar.
China has not sought to amend its currency swap agreement with Russia despite the recent plunge in the ruble's value against dollar. - Sputnik International
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In October, the Bank of Russia and the People's Bank of China – the nations' central banks – reached a three-year agreement on currency swaps worth 150 billion yuans (over $2.4 billion).

MOSCOW, December 18 (Sputnik) — China has not sought to amend its currency swap agreement with Russia despite the recent plunge in the ruble's value against dollar, the Chinese Foreign Ministry said at a Thursday press briefing.

Russia and China have been actively developing their relations amid the cooling of Russia's relations with Western countries over sanctions, imposed on Russia over its alleged involvement in the Ukrainian crisis - Sputnik International
Russia-China Trade Grows 7-10% in 10 Months: Chinese Official
"As a rule, bilateral swap agreements include provisions that allow exchange rate fixing, and the ruble-yuan swap deals follow this international tradition. At present, these agreements remain unchanged," the ministry's spokesperson Qin Gang told journalists.

In October, the Bank of Russia and the People's Bank of China – the nations' central banks – reached a three-year agreement on currency swaps worth 150 billion yuans (over $2.4 billion). The Russian national currency entered a decline in July, shedding more than a half of its value.

Qin said China believes that Russia was capable of weathering the economic turmoil in the country, which he described as "temporary difficulties".

The Russian government has been taking measures to stabilize the ruble, he stressed, adding the country's low public-debt-to-GDP ratio, rich natural resources and "strong industrial base" would keep the national economy afloat.

Russian Prime Minister Medvedev discussed the ruble rate and other economic issues during a meeting with a group of financial officials, Central Bank leadership and the management of Russia’s major steel and energy companies. - Sputnik International
Medvedev: Ruble Undervalued, Harsh Financial Regulations Unnecessary
The Chinese Foreign Ministry's spokesperson praised the existing synergy between the two economies.

"We have a huge potential for cooperation," he said. "The governments and companies in both countries have high hopes and are looking toward bilateral cooperation with great optimism," Qin noted.

In November, the Russian and Chinese presidents agreed large-scale cooperation between Moscow and Beijing at a meeting in the Chinese capital, including in the energy and industrial spheres.

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