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Central banks of UK and China extend US$55 billion currency swap line

Central banks of UK and China extend US$55 billion currency swap line

FILE PHOTO: A British 10-pound banknote and Chinese 100-yuan banknotes are seen in a picture illustration, in Beijing, China, January 21, 2016. REUTERS/Jason Lee/File Photo

LONDON: The Bank of England said it and the People's Bank of China had agreed to extend a sterling-renminbi currency swap line for a further five years.

The maximum value of the swap line remained at 350 billion yuan (US$54.85 billion), the BoE said.

"The renminbi's role in global trade and capital flows continues to increase," BoE Governor Andrew Bailey said.

"The renewal of this swap line for five years reflects a continued commitment by the Bank of England and the People's Bank of China to support an effective and resilient renminbi market in the City of London, reflecting its role in renminbi trading."

Source: Reuters

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