King and Zhou prepare ground for renminbi-sterling swap line

king-and-zhou

Mervyn King, governor of the Bank of England (BoE), and Zhou Xiaochuan, governor of the People's Bank of China (PBoC), agreed at a meeting in Beijing today to "facilitate discussions" on a reciprocal three-year swap line between the two countries.

The two central banks have been moving towards such an agreement for some time. In December last year, a PBoC official told an audience in London that a swap agreement was important for market confidence, with the Bank of England replying it would have

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