BoE and PBoC extend sterling/renminbi swap line
The Bank of England and the People’s Bank of China have agreed to renew an existing reciprocal sterling/renminbi currency swap line for another three years.
In an announcement during a state visit to Britain by Chinese President Xi Jinping, the BoE said the maximum value of the swap line will be raised to 350bn renminbi.
The governor of the BoE said: “The renewal of this swap line and its increased size reflect the constructive approach that the Bank of England and the People’s Bank of China are taking to support the development of an effective and resilient renminbi market in London.”