ECB agrees €45 billion bilateral swap line with PBoC

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The People's Bank of China has agreed a bilateral euro/renminbi currency swap line with the world's second most important central bank, the European Central Bank (ECB), following earlier agreement with the Bank of England and a raft of other central banks.

The swap line will have a maximum size of 350 billion yuan ($57 billion) or €45 billion ($61 billion) – far smaller than the 800 billion yuan figure some reports had touted earlier this year – and last for three years. The Eurosystem said it w

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