China vows to expand currency-swap operations

The People's Bank of China pledged on Tuesday to expand its network of swap lines with other central banks days after agreeing a Rmb70 billion ($10.2 billion) arrangement with Argentina.

The central bank said that it would "actively conduct" swap arrangements in a bid to facilitate trade among emerging markets.

"Innovation can be found in the currency swap arrangements signed by the People's Bank of China and other central banks, such as the extension of the effective period to three years

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