China, Georgia sign framework deal on currency swap

BEIJING -- China's central bank announced on Sunday that it had signed a framework agreement on a currency swap program with Georgian central bank.

Zhou Xiaochuan, head of the People's Bank of China (PBOC), inked the document with Giorgi Kadagidze, governor of the National Bank of Georgia, on the sidelines of the 34th Meeting of the Central Bank Governors' Club of the Central Asia, Black Sea Region and Balkan Countries.

Both sides expressed willingness to establish the currency swap program, which will strengthen bilateral currency cooperation, promote settlement directly in the two currencies, and facilitate trade and investment, according to a PBOC statement.

During the two-day meeting that concluded Sunday in Georgia, the central bank governors discussed global and regional economic situations, and the influence of "dollarization" on emerging markets, said the statement.