Sino-Japanese political optics right for $30bn swap and Tokyo RMB clearing

pboc building
The People’s Bank of China

Improving political relations between China and Japan have cleared the way for the People’s Bank of China and the Bank of Japan to unveil a $30 billion swap agreement, with the PBoC also giving approval for the Bank of China’s Tokyo branch to serve as the renminbi-clearing bank in Japan in the future.

The BoJ says the new swap facility will allow for the exchange of local currencies between the two central banks of up to 200 billion yuan or ¥3.4 trillion in either direction. The swap is now

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