In October 2014, the PBC and the CBR signed a bilateral local currency swap arrangement of 150 billion CNY/815 billion RUB for the purpose of facilitating bilateral trade and direct investment, and promoting economic development of the two countries. Based on the friendly cooperation and negotiation, PBC and CBR have successfully launched several currency swap trades since October 2015, funds involved ultimately allocating to a limited number of Chinese and Russian commercial banks. The operation was successful through smooth proceeding, and provides the PBC’s and the CBR’s operational readiness to activate the swap if needed in future.

The arrangement of bilateral currency swap facilitates trade and investment between China and Russia and it is recognition of further achievement on the financial cooperation between  the two countries.