The Bank of England (BoE) and the People’s Bank of China have today announced that they have signed an agreement to renew the existing reciprocal sterling and renminbi (RMB) currency swap line for an additional three years.
The maximum value of the swap line will remain unchanged at RMB350bn.
Commenting on the agreement, BoE governor 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.”
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