Premier Li Keqiang met with Chile’s Michelle Bachelet on May 25, as part of an official visit to the South American country. They witnessed the signing of a series of bilateral business contracts and governmental deals across a diverse range of sectors.

Among the agreements signed is a three-year currency swap deal worth 22 billion yuan ($3.55 billion), making Santiago the first place for renminbi clearing in South America. China agreed to grant 50 billion yuan to RMB qualified foreign institutional investors 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.