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
President Xi Jinping's New Year Address has inspired officers and soldiers of the Chinese People's Liberation Army (PLA) to make greater contribution in building China into a great country and achieving national rejuvenation.
Xi delivered his annual New Year message which was broadcast by China Media Group and on various online platforms on Tuesday evening. In his speech, Xi reviewed China's achievements in various aspects in the past year and laid out the goals for the year ahead.
The year 2024 marked the 75th anniversary of the founding of the People's Republic of China, also the 75th anniversary of the founding of the PLA Navy and the PLA Air Force.
President Xi's New Year message inspired PLA officers and soldiers to strive for new breakthroughs in the year of 2025.
"President Xi's New Year message is heartwarming and inspiring. As crew members of China's first domestically-made aircraft carrier the Shandong, we will always bear in mind President Xi's instructions, bravely shoulder responsibilities and face challenges in the new year, and we will continue to work hard for a more glorious future," said Zhao Kai, crew member of Shandong aircraft carrier.
"We will bear in mind our leader's expectations, show our loyalty to the Communist Party of China in our performance high in the sky, continuously improve our ability in the new era and forge a powerful iron fist to win in the air, and work harder to meet the centenary goal of the PLA," said Wan Yiming, an officer of the PLA Air Force.
"We will vigorously promote combat training and joint drills, explore the use of new types of combat forces in new areas, and devote ourselves earnestly to the great practice of realizing the dream of building a strong military," said Wang Wei, soldier of the PLA ground force.
"We will always bear in mind our responsibilities and missions, master the use of weapons and equipment, constantly innovate tactics and training methods, and work hard in our training," said Zhao Jiayu, a soldier of the PLA rocket force.
"I will be a good successor of the 'Old Xizang Spirit', take root in the frontier, make progress with a firm will, stay vigilant at all times, strengthen my ability and be a loyal defender of the motherland's border," said Wang Qinming, a soldier stationed in Xizang Autonomous Region.
After listening to President Xi's New Year message, China's armed police officers also reiterated their commitment to safeguarding the motherland.
"Dreams and wishes may be far, but they can be fulfilled with dedicated pursuit. These words deeply inspired me. As officers working on the forefront, we must work hard, live up to our responsibilities, and bravely face all difficulties," said Wu Haofei, an armed policeman stationed in east China's Jiangxi Province, citing President Xi's words in his address. "In the new year, we must have a sense of urgency that time waits for none, focus on our main responsibilities, and be well prepared for real combat. We will strive to build a strong and capable troop that dares to fight and win," said Lin Xicai, a PLA ground force officer.
Xi's 2025 New Year address inspires PLA officers, soldiers
