The European Central Bank and the People’s Bank of China have established a currency swap agreement, the latest in a string of moves to help encourage global use of the renminbi.
The swap line, at Rmb350bn ($57bn), will be China’s third largest after its facilities with Hong Kong and South Korea, and follows similar agreements with the UK, Australia and Brazil.
“The swap arrangement has been established in the context of rapidly growing bilateral trade and investment between the euro area and China, as well as the need to ensure the stability of financial markets”, the ECB said in a statement.
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