ECB and PBoC extend currency swap deal for three years

renminbi-notes

The European Central Bank and the People’s Bank of China extended a currency swap deal for another three years on October 10.

The swap line is aimed at ensuring euro area banks do not run out of renminbi, said the ECB.

The agreement will stay effective till October 8, 2025, with its maximum size unchanged at 350 billion yuan ($48.7 billion) and €45 billion ($43.6 billion).

The two central banks set up their first three-year currency swap deal back in 2013, which was extended in 2016 and 2019

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