Saturday, June 22, 2013

China enters first bilateral swap agreement with G7 countries (UK)

I have not been tracking swap agreements as closely as I once did. But China has just entered such an agreement with UK for up to 200 billion RMB over a three year period. This is the first with one of the G7 countries and could be considered as part of China's movement toward having a convertible renminbi. A fuller explanation can be found in the Wall Street Journal.

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