The Reserve Bank of New Zealand and the People’s Bank of China have renewed their reciprocal currency swap arrangement to support the settlement of cross-border transactions between New Zealand and Chinese businesses. The swap facility is sized at RMB 25 billion and has a five-year maturity, with the option to extend by mutual agreement. The arrangement was first agreed in 2011 and has previously been renewed in 2014, 2017 and 2020, with the stated aim of promoting bilateral trade and economic development while supporting financial stability.
Reserve Bank of New Zealand 2025-08-27
Reserve Bank of New Zealand and People’s Bank of China renew RMB 25 billion currency swap line for five years
The Reserve Bank of New Zealand and the People’s Bank of China have renewed their RMB 25 billion reciprocal currency swap arrangement for five years to facilitate cross-border transactions and promote bilateral trade and economic development. This arrangement, initially established in 2011, aims to support financial stability and includes an option for extension by mutual agreement.