The head of Switzerland's central bank says the country's currency swap arrangement with China is going to further cement financial ties between the two countries.
Thomas Jordan, chair of the Swiss National Bank, says the new deal will pave ways for Chinese banks to open branch offices in Switzerland.
"Well, there is a big interest both on the Swiss side, but also on the Chinese side, to open up a branch or subsidiary of China's banks in Switzerland. I cannot comment here on any specific negotiation, but I hope that now the signing of the swap agreement will speed up this process."
The People's Bank of China, China's central bank, has finalized a currency swap agreement with the Swiss National Bank worth 150 billion yuan, or some 24 billion US dollars.
The deal also gives the Swiss bank investment rights worth 15-billion yuan in China's interbank bond market.
