UK and China renew bilateral swap line

Bank of England and Stock Exchange
Rachael King

The Bank of England and People’s Bank of China have renewed their bilateral sterling/renminbi swap line for a further five years, expiring in 2026.

The value of the swap line remains unchanged at 350 billion yuan ($54.9 billion), the BoE said in a statement today (November 12). The two central banks originally agreed a three-year swap line in 2013.

“Renminbi’s role in global trade and capital flows continues to increase,” said BoE governor Andrew Bailey. He said the renewal of the swap line

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