ECB and PBoC renew bilateral currency swap

Euro-renminbi currency swap agreement will stay in place until October 2022

renminbi-notes

The European Central Bank and the People’s Bank of China have agreed to a three-year extension of their bilateral currency swap agreement, they announced today (October 25).

This is the second time the two central banks have agreed to a three-year extension of the accord, which was first set up in 2013. The conditions of the swap agreement are unchanged, with the maximum size of any swap set at 350 billion yuan (currently about $49.5 billion) and €45 billion (currently around $49.9 billion).

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