BoE and PBoC open ‘very important’ renminbi swap line
The Bank of England (BoE) and the People's Bank of China (PBoC) have established a swap line between their respective currencies with a maximum value of 200 billion yuan ($32.6 billion).
Mervyn King, the BoE governor, said the swap line gives the central bank the ability to "facilitate renminbi liquidity" in the "unlikely event" that a shortage emerges.
Discussions over the swap line began in February, and culminated in King and Zhou Xiaochuan – the PBoC governor – striking a deal on Saturday
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