China, Albania extend currency swap deal

BEIJING - The People's Bank of China (PBOC), the central bank, said Friday that it has extended a currency swap agreement with Albania.

The agreement allowed the two sides to swap two billion yuan ($318 million) for 34.2 billion lek, the PBOC said on its website.

The move was aimed at facilitating bilateral trade and investment while promoting economic development of both sides, the PBOC said.

The agreement will be valid for three years and can be extended by mutual consent.

A currency swap deal allows two institutions to exchange payments in one currency for equivalent amounts in the other to facilitate bilateral trade settlements and provide liquidity support to financial markets.