(Ecofin Agency) - In a statement published on May 11, 2016, the Central Bank of China announced it has signed with its Moroccan counterpart a currency swap agreement valued at $1.54 billion.

The agreement which was signed on the first day of Moroccan kin Mohammed VI in China should extend over three years and facilitate bilateral trade between the two countries.

Mohammed VI should during this visit - his second to China since that in February 2002 - sign with the President of China, various economic agreements to consolidate bilateral cooperation with African markets.

A currency swap is an agreement signed between two central banks or two firms that swap a fixed amount of different currencies and mutually commit to regularly pay interests and reimburse swapped sums under a given deadline.