Bank of England to establish RMB swap line
The Bank of England has agreed to discuss setting up a reciprocal three-year sterling-renminbi swap line with the People’s Bank of China (PBoC), in an effort to boost offshore renminbi business in London. The agreement follows a meeting between governors Mervyn King and Zhou Xiaochuan in Beijing on Friday.
The final agreement, which the two central banks hope to sign “shortly”, will be used to finance trade and direct investment between the UK and China and to support domestic financial
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