The President of the Mongol Bank, L.Purevdorj, and the Governor of the People’s Bank of China, Zhou Xiaochuan, on Friday morning signed a swap agreement on exchanging national currencies between the two central banks. The deal is for $770 million and will be valid for three years. The signing was planned for Thursdaday but the plane from Beijing was delayed because of the weather.
The agreement comes after two years of negotiations. The conclusion of the agreement will expand financial and economic relations between Mongolia and China, allowing commercial banks in Mongolia to make transactions in yuan.