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The Bank of Japan and the People's Bank of China said Monday they were extending the bilateral local currency swap agreement to October 25, 2024, allowing for the exchange of local currencies between the two central banks of up to CNY 200 billion or JPY 3.4 trillion. The decision is aimed at boosting the financial stability of both China and Japan, hence supporting economic and financial activities for economic development in each country, the BOJ said.
The bank also said, "By utilizing the swap agreement, the BOJ would be prepared to provide liquidity in Renminbi in the event that Japanese financial institutions face unexpected difficulties in Renminbi settlements, and the Bank judges the liquidity provision to be necessary for ensuring the stability of Japan's financial system."