Ukrainian, Chinese central banks sign $2.4 billion currency swap deal

The deal lapses in three years and can be terminated at any time before that by mutual consent.

It enables companies from both countries to use national currencies
for export-import operations and to conduct settlements in national
currencies without involving the currencies of other countries.

The swap deal is worth Hr 19 billion in Ukraine’s currency.

The currency swap aims to boost exports and imports between Ukraine
and China, develop investment and generally support financial stability
in the two countries, the Chinese bank said.

Ukraine and China agreed on the swap in November last year. China is
prepared to conduct swaps for all bilateral trade, but Ukraine agreed to
convert only a third of it into yuan.