May 25, 2015 / 3:42 PM / 4 years ago

UPDATE 1-China and Chile sign currency swap agreement to help trade

(Adds detail on agreement, comment)

SANTIAGO, May 25 (Reuters) - Chile’s central bank has entered into a three-year currency swap with the People’s Bank of China to boost trade links, and the two are also clearing a path for the use of the Chinese yuan in the South American country, the two banks said on Monday.

The swap agreement will facilitate the exchange of a maximum of 2.2 trillion pesos ($3.6 billion) for three years, Chile’s central bank said in a statement.

The agreement was announced during a visit to Chile by Chinese Premier Li Keqiang.

China is also looking to set up a yuan clearing bank in Chile, which would be the first of its kind in South America, Li said in a presentation after meeting with Chilean President Michelle Bachelet. ($1 = 609.7800 pesos) (Reporting by Anthony Esposito; Additional reporting by Hong Kong and Singapore newsrooms; Writing by Rosalba O’Brien; Editing by Leslie Adler)

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