People's Bank of China swap line

Governor Zhou Xiaochuan met Governor Mervyn King today during Governor King’s visit to Beijing.
Published on 22 February 2013


They agreed to facilitate discussions on the establishment of a reciprocal 3-year, renminbi (RMB)/sterling currency swap arrangement. The arrangement would be used to finance trade and direct investment between the two countries and to support domestic financial stability should market conditions warrant. They have agreed that the Bank of England and the People’s Bank of China (PBoC) would work together to sign the final agreement shortly.

PDFPress release

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