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
Published on 12 November 2018

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. The maximum value of the swap line remains unchanged at RMB350bn.

Commenting, Mark Carney said: “The Renminbi’s role in global trade and capital flows continues to increase. The renewal of this swap line reflects a continued commitment by the Bank of England and the People’s Bank of China to support an effective and resilient renminbi market in the city of London - the leading centre for Renminbi trading outside of greater China.”

PDFPress release

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