700亿元，3分钟搞懂钱还能这样换钱

Core Points - The People's Bank of China and the Bank of Thailand signed a bilateral currency swap agreement, marking the third extension and revision of the agreement [2][46] - The currency swap agreement allows for the exchange of 700 billion RMB and 3.7 trillion Thai Baht, with a validity period of five years, which can be extended upon expiration [46][48] - This agreement aims to deepen financial cooperation between the two countries, facilitate bilateral trade and investment, and maintain financial market stability [48] Summary by Sections Currency Swap Agreement - The agreement is a bilateral currency swap, also known as a currency exchange or currency swap [7] - It allows two countries to agree on exchange rates, limits, and terms to directly exchange their currencies without needing a third-party currency for settlement [8][23] Historical Context - The concept of currency swaps dates back to 1981, with the first recorded swap between the World Bank and IBM, involving the exchange of US dollars for German Marks and Swiss Francs [19][21] - Currency swaps have since gained popularity globally, providing a means to avoid exchange rate risks and reduce transaction costs [23] Mechanism of Currency Swap - In a currency swap, two banks sign an agreement to exchange equivalent amounts of each other's currency based on the current exchange rate [32] - During the agreed period, the banks pay interest to each other at fixed or floating rates, and at the end of the term, they exchange the principal amounts back [40][42]