Central banks of China and the U.K. agreed to extend the existing bilateral currency swap line between them for further three years and raise its maximum value, citing continuing growth of renminbi trading in London.
The People's Bank of China and the Bank of England announced on Wednesday that they signed an agreement to renew the existing reciprocal sterling/renminbi currency swap line for a further three years.
The maximum value of the swap line was increased to RMB 350 billion from RMB 200 billion, when the original 3-year swap was agreed in June 2013.
"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," Bank of England Governor Mark Carney said.
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