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China, EU Agree to 45 Billion Euro Currency Swap
Mao Yaqing english.cri.cn China has signed a 350-billion-yuan (45 billion euro) currency swap agreement with the European Union, marking a major step in internationalizing its currency. The deal, signed between the People's Bank of China (PBOC) and the European Central Bank on Wednesday, aims to support bilateral trade and protect financial stability, according to a statement on the PBOC website. The agreement lasts three years and can be extended if both parties agree, it said. "The new arrangement will provide more liquidity to the renminbi market in the euro area, promote overseas use of the yuan, and help facilitate trade and investment," the statement added. So far China has signed currency swap deals totaling 2.2 trillion yuan(358 billion U.S. dollars) with 22 countries and regions to push the international use of its yuan. On Oct. 1, China signed a 100-billion-yuan currency swap agreement with Indonesia and signed similar agreements with Hungary and Albania in September, bringing China closer to making its currency fully convertible. The agreement with the EU indicates that China has signed currency swap deals with developed nations instead of neighboring and developing countries. "The deal with the world's second-largest currency regulator means the increasing international recognition of the Chinese yuan," said Zong Liang, deputy chief of the Strategic Planning Research Institute under the Bank of China. to read more click here: english.cri.cn
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