Date
20 July 2018

China, Europe to open 350 bln yuan currency swap line, PBoC says

The People’s Bank of China (PBoC) and the European Central Bank (ECB) have agreed to establish a bilateral currency swap line, according to a statement posted on the Chinese central bank’s website on Thursday. The swap agreement, which will be valid for three years, will channel up to 350 billion yuan (US$51.2 billion) to the ECB and 45 billion euros (US$60.7billion) to the PBoC. The move will facilitate use of the renminbi in the euro zone, it said.

– Contact HKEJ at [email protected]

JZ/SK

 

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