With a view to discussing ways to further deepen cooperation in the financial and banking sphere and continue the dialogue started during the visit paid Governor of the National Bank of Ukraine Sergiy Arbuzov to China, the Ukrainian delegation headed by First Deputy Governor of the National Bank of Ukraine Yurii Kolobov visited the People's Republic of China from 6 November to 9 November 2011.

On 9 November 2011, First Deputy Governor of the National Bank of Ukraine Yurii Kolobov, Chairman of the Board of PJSC “The State Export-Import Bank of Ukraine” Mykola Udovychenko and Director of the Department of External Economic Relations Serhiy Kruhlyk held working meetings with Deputy Governor of the People’s Bank of China Hu Xiaolian and the management of the PBC Monetary Policy Department. The issues related to the monetary and foreign exchange policy pursued by the central banks of both countries and introduction of new financial instruments were discussed during the negotiations.

During the working meetings, the details were reconciled and agreements were reached with regard to signing the foreign exchange swap agreement between the National Bank of Ukraine and the People’s Bank of China before the end of 2011. The conclusion of this agreement will enable the economic entities of both countries to use domestic currencies in carrying out export-import transactions and making payments in domestic currencies without having to involve third country currency.

As reported earlier, the National Bank of Ukraine is carrying out currency diversification in settling accounts with Ukraine’s main trading partners, including the European Union Member States, China and others.