China signs currency swap deal with Russia

China's central bank inks RMB 150 billion agreement with Russia, that will last until 2017.

China’s central bank, the People’s Bank of China, has signed a currency swap agreement worth RMB 150 billion (US$ 24.4 billion) with Russia’s central bank. The agreement lasts for three years and is extendable.

Also in China, the Shenzhen Stock Exchange launched the first money market exchange-traded fund (ETF) on 20 October 2014. Investors can create or redeem the shares on the primary market, or trade the ETF on the secondary market.

According to the Ministry of Commerce, foreign direct investment (FDI) into the Chinese mainland rose 1.9% to US$9 billion in September from a year earlier. For the first nine months of 2014, FDI, which excludes investment in the financial sector, was US$ 87.36 billion, down 1.4% from the same period last year.

China’s economy expanded 7.3% from a year earlier during the third quarter of 2014, slower than the 7.5 % pace in the second quarter.