The mainland and Hong Kong have not been forced to use the currency pool, which is a result of a currency swap agreement between the two sides, China's central governor Zhou Xiaochuan said in Beijing Friday.

The Chinese mainland and Hong Kong signed a three-year currency swap deal worth 200 billion yuan (28.6 billion U.S. dollars) on Jan. 20, aimed at helping stabilize Hong Kong's economy and its currency.

"The deal was meant to boost confidence of the two sides in fighting the global financial crisis, and provide bilateral support for each other in case of liquidity shortage," Zhou told a press conference held on the sideline of the parliament's annual session.


Zhou Xiaochuan (R), governor of the People's Bank of China, answers a question during a press conference on dealing with the global financial crisis and maintaining steady and relatively rapid economic growth held by the Second Session of the 11th National People's Congress (NPC) at the Great Hall of the People in Beijing, capital of China, March 6, 2009. Zhang Ping, minister in charge of the National Development and Reform Commission of China, and Chinese Finance Minister Xie Xuren also attended the press conference. (Xinhua/Rao Aimin)
"However, the two sides have not been forced to exercise any currency swap so far," he told reporters.

China's central bank had also signed bilateral currency swap agreements with Malaysia and South Korea. The total currency pool, including that with Hong Kong, adds up to 460 billion yuan (67.3 billion U.S. dollars).

Source:Xinhua