People's Bank of China swap line

The People’s Bank of China and the Bank of England have today announced that they have signed an agreement to renew the existing reciprocal sterling/renminbi (RMB) currency swap line for a further three years.
Published on 21 October 2015

The maximum value of the swap line has also been increased to RMB350bn to reflect the continuing growth of renminbi trading in London.

Commenting, the Governor of the Bank of England said: “The renewal of this swap line and its increased size reflect the constructive approach that the Bank of England and the People’s Bank of China are taking to support the development of an effective and resilient renminbi market in London.”

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