PBOC Hits Back at Criticism of Currency Swap Deal with Russia

(Beijing) – The recent tumble of Russia's ruble has prompted criticism of a currency swap deal the central bank signed with Russia last year.

The agreement, signed on October 13, says the People's Bank of China (PBOC) can swap 150 billion yuan for 815 billion rubles anytime over the following three years.

As the ruble weakened, critics have called the move foolish and said it amounts to giving money to Russia. The PBOC said this is not how a currency swap deal works.