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Britain and China Signed Agreement on Currency Swap Valued at 21 Billion British Pounds

According to BBC Chinese on June 23, 2013, the Bank of England and the People’s Bank of China signed an agreement to establish a reciprocal 3-year sterling/renminbi (or Chinese yuan) currency swap line. The maximum value is 21 billion British pounds or 200 billion Chinese yuan.  Beijing hopes to further facilitate the internationalization of the renminbi through currency swap agreements. So far, China has signed currency swap agreements with a number of major trading partners, including Japan, Hong Kong, Australia, and Brazil.

Source: BBC Chinese, June 23, 2013