The People's Bank of China (PBOC), the country's central bank, has signed a bilateral currency swap agreement with the Bank of Mauritius, the PBOC said on Wednesday.
Bilateral currency swaps are financial contracts between central banks to exchange a specific amount of one currency for an equivalent amount of another currency. At the end of the swap period, the parties exchange the principal amounts at an agreed-upon exchange rate and each party pays the interest on the swapped principal loan amount.
The total value of the agreement is 2 billion yuan (about 281.7 million U.S. dollars), or 13 billion Mauritian rupees, the PBOC said in a statement on its website.
The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.
The currency swap arrangement will strengthen financial cooperation between China and Mauritius, expand the use of the two currencies, and promote and facilitate bilateral trade and investment, the statement said.
China, Mauritius sign bilateral currency swap agreement
Russia on Thursday announced that its forces controlled one more settlement, while the Ukrainian side reported conducting high-precision strikes on Russian command posts.
According to a statement released by the Russian Ministry of Defense on Thursday, Russian troops seized control of one more settlement in the Donetsk region. The ministry also claimed that its forces had successfully repelled Ukrainian attacks and launched offensives in the directions of Kharkiv, Donetsk, Zaporizhzhia, and Kherson.
The statement also noted that Russian air defense systems had intercepted 67 Ukrainian unmanned aerial vehicles. Besides, strikes were carried out by the Russian side on Ukrainian drone storage facilities and ammunition depots.
On the same day, the General Staff of the Ukrainian Armed Forces reported that its forces had engaged in 109 battles on the frontline over the past 24 hours. Ukrainian forces claimed to have struck Russian personnel and equipment concentrations, command posts, and electronic warfare base stations.
The Ukrainian side also said that its air force conducted high-precision strikes on a Russian command post in the Kherson region and another command post in the Kursk region.
Russia claims control of one more settlement, Ukraine says Russian command posts raided
