People’s Bank of China to Facilitate RMB Exchange in London
May 23 – The Bank of England and the People’s Bank of China are working towards a joint RMB/GBP currency swap line after the banks’ governors met earlier this year to discuss a reciprocal exchange arrangement.
According to the Bank of England, the agreement will initiate a three-year currency swap program designed to “finance trade and direct investment between the two countries,” as well as strengthen the financial stability of the currency markets. As a result, England will be the first G7 nation to have direct access to the RMB. Continue Reading




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