PBoC and ECB announce ‘successful’ swap line tests
Tests provided ‘symbolic amounts’ of euro and renminbi liquidity
The People's Bank of China (PBoC) and European Central Bank (ECB) "successfully" tested their swap line in both April and November, they announced today (November 26).
The tests, the ECB explained, provided "symbolic amounts" of euro and renminbi liquidity, and involved a "limited number" of Chinese and Eurosystem counterparties.
In October 2013, the central banks agreed a deal that could see them exchange as much as 350 billion yuan or €45 billion. The ECB described it as a "backstop liquidity
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