China has signed a $1 billion currency swap agreement with Kazakhstan, Financial Times reports. The currency swap deal has a three-year maturity, but can be extended by mutual consent. The deal is expected to raise financial co-operation and facilitate trade between the two countries.

The annual trade between China and Kazakhstan is expected to increase to about $40 billion in the next four years. The countries will further diversify economic co-operation to include investments in the non-resource sectors, including finance and high technology.

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