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China and Russia consider currency swap

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China and Russia are considering a possible currency swap deal, reports The Age. According to the reports, director of the Chinese commerce ministry's Europe department Sun Yongfu, told Dow Jones Newswires that China's central bank and other Chinese banks are in talks with their Russian counterparts to discuss the swap, in an effort to gradually liberalise China's currency. Beijing has already signed currency swap deals worth 650 billion yuan ($112.79 billion) with Argentina, Belarus, Hong Kong, Indonesia, Malaysia and South Korea. A Chinese official said the deal with Russia would depend on the results of a trial program involving companies along the common border.

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