Premier Li Keqiang has wrapped up his two-day stay in Chile, bringing to an end his tour of Latin America. During the visit, China and Chile signed a series of bilateral business contracts and governmental deals... most notably a three-year currency swap deal worth 22 billion yuan, that makes Santiago the prime destination for RMB clearance in South America.

Taking forward bilateral ties between China and Chile.

Most importantly, in the finance sector, China and Chile have signed a three-year currency swap agreement valued at 22 billion yuan or roughly $3.6 billion.

China also agreed to grant 50 billion yuan to renminbi qualified foreign institutional investors in Chile.

China Construction Bank has been appointed as the yuan clearing bank in Chile.

The two countries also signed an agreement to prevent double taxation. China welcomed Chile’s effort to exempt visa fees for Chinese tourists and to facilitate visa issuance for Chinese business people starting in July.

Chile is the first country in Latin America to have signed a Free Trade Agreement with China.

Also, in the last ten years, bilateral trade has gone up four times.

During Premier Li’s visit, the two countries signed a joint declaration, that agreed to begin studies on upgrading the current Free Trade Agreement no later than August.

Experts say the upgrading of the FTA is expected to cover more products and bring more tax cuts.

The two countries also agreed to deepen political ties and increase cooperation in mining, agriculture and science and technology.

This year marks the 45th anniversary of the establishment of diplomatic ties between China and Chile. Premier Li called on the two countries to strengthen communication and coordination in regional and international affairs and boost people-to-people exchanges.