17 February 2019

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]



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