It's all about gas? Qatar, China agree on $6 billion currency swap

In a statement on its website the People's Bank of China revealed it has signed a bilateral currency swap agreement with Qatar Central Bank worth CNY 35 billion (QAR 20.8 billion [$5.7 billion]). The swap agreement is valid for three years and may be extended by mutual consent. At the same time, the two sides signed a memorandum of cooperation in Doha to establish renminbi clearing arrangements, and agreed to expand the renminbi qualified foreign institutional investors (RQFII) pilot areas to Qatar, with an initial investment quota of CNY 30 billion ($4.9 billion). The arrangements mark a deepening of the financial cooperation between the two countries to use cross-border currency trade to promote bilateral trade and investment facilitation and maintain regional financial stability.