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China doubled the size of currency swap deal with UK


10-22-2015 01:34 BJT

Full coverage: President Xi Visits UK

China has almost doubled the size of a currency swap deal with the UK.

The People's Bank of China and the Bank of England have agreed to renew an existing sterling/yuan currency swap line for another three years and to increase its maximum value to 350 billion renminbi.

This is a reflection of the continuing growth of yuan trading in London. 

The three-year deal can be renewed in future based on mutual agreement.

The PBOC said the deal will provide more liquidity for RMB businesses in Britain, boost local yuan-denominated asset transactions and management, as well as facilitate trade and investment.

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