The People’s Bank of China (PBOC) and the European Central Bank (ECB) have agreed to establish a bilateral currency swap, Bloomberg reported, citing an email from the ECB on Thursday. The agreement will boost access to trade finance in the euro area and strengthen the internationalization of the yuan. The swap will be valid for three years with the ECB receiving a maximum US$57 billion (RMB 350 billion) and the PBOC receiving a maximum US$61 billion of the euro. The ECB stated that the new arrangement is available to all Eurosystem counterparties via national central banks.
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