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Conclusion of the Swap Arrangement between the People's Bank of China and the Bank of Japan

March 28, 2002
Bank of Japan

The Bank of Japan has reached an agreement over the terms and conditions for the bilateral yen-renminbi swap arrangement with the People's Bank of China.

The maximum amount of the swap arrangement is three billion US dollars equivalent in yen and renminbi.

This Agreement is in line with the framework of the Chiang Mai Initiative in pursuit of stabilizing regional financial markets through supplying short-term liquidity.

The Bank of Japan believes that the Agreement also serves for the purpose of enhancing mutual cooperation between the two central banks.