PBoC and ECB establish currency-swap line

The facility will make available a maximum of Rmb350 billion to the ECB and up to €45 billion to the People’s Bank of China, and is an important step forward in the internationalisation of the renminbi.

The line will provide Beijing with a significant avenue to promote the renminbi as a truly international currency for use in the global trade and financial markets.

Chris Dodd

October 10, 2013

The People’s Bank of China and European Central Bank announced a landmark currency swap deal on Thursday as the renminbi passed another milestone on the road to its full internationalisation.

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