China, Ukraine sign currency swap agreement

BEIJING - The central banks of China and Ukraine Tuesday signed a currency swap contract worth 15 billion yuan, or 19 billion hryvnyas ($2.38 billion).

The agreement is for an initial three-year period and could be extended with the consent of both sides, the People's Bank of China, China's central bank, said in a statement on its website.

The move aims to step up bilateral financial cooperation, promote trade and investment, and safeguard regional financial stability, according to the statement.

Since the outbreak of the global financial crisis, China has signed currency swap agreements worth at least 1.5 trillion yuan ($238 billion) with a dozen of countries, including the Republic of Korea and Malaysia, to support its trade and investment with these economies.