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Bank of England expands swap line with China

Deal ups swap line to RMB350bn and extends it by three years

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Bank of England

The Bank of England (BoE) has expanded its swap line with the People's Bank of China (PBoC) to a maximum of RMB350 billion ($55.1 billion), it announced today (October 21).

Under the deal, the swap line has also been extended for a further three years, running until 2018. When it was initially established in June 2013, it carried a maximum value of RMB200 billion.

"Constructive approach"

BoE governor Mark Carney said the deal reflected the "constructive approach" taken by central banks to

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