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China, Russia sign $25 billion local currency swap

Russia's Prime Minister Dmitry Medvedev (R) shakes hands with China's Premier Li Keqiang during a meeting in Moscow, October 13, 2014. Li is in Moscow for an official three-day visit. REUTERS/Alexander Zemlianichenko/Pool

BEIJING (Reuters) - China and Russia have signed a local currency swap worth 150 billion yuan ($25 billion) or 815 billion roubles, the Chinese central bank said in a statement on Monday.

The swap is set to last three years and can be extended upon expiry, the central bank said.

The announcement came during a three-day visit to Russia by Chinese Premier Li Keqiang.

Reporting by Koh Gui Qing and Shao Xiaoyi; Editing by Nick Macfie

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