Central Banking

China and Hong Kong double currency swap agreement

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The People's Bank of China and the Hong Kong Monetary Authority (HKMA) on Tuesday renewed their currency swap agreement for a further three years. The new agreement also saw the swap line expanded to 400 billion yuan ($62.9 biilion), or HK$490 billion.

This last deal was signed on January 20, 2009 and was for a 200 billion yuan, or HK$227 billion swap.

In Hong Kong, financial secretary, John Tsang, said: "The renewal of the currency swap agreement and the expansion of its size will allow more

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