March 2, 2016 / 7:57 AM / 3 years ago

Russia c.bank says ready for currency swaps with People's Bank of China

MOSCOW, March 2 (Reuters) - Russia’s central bank said on Wednesday its mechanism for bilateral currency swaps with the People’s Bank of China was ready for use after successful testing.

The bank did not say when such operations might begin.

“The test operations have allowed the Central Bank of Russia and People’s Bank of China to ensure readiness to activate the swap if needed in the future,” the bank said in a statement.

The agreement between the two banks was signed in October of 2014, with the swap line set at 815 billion roubles ($11.08 billion) and 150 billion yuan ($22.89 billion).

The swap line arrangement was launched “for the purpose of supporting bilateral trade and direct investment of the two countries,” the central bank said.

$1 = 73.5640 roubles $1 = 6.5517 Chinese yuan renminbi Reporting by Lidia Kelly; Editing by Alexander Winning

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