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People's Daily Online>>China Business

Chinese mainland expands currency swap pact with Hong Kong


15:44, November 22, 2011

BEIJING, Nov. 22 (Xinhua) -- The People's Bank of China (PBOC), the country's central bank, announced Tuesday that it will double the size of a currency swap pact with the Hong Kong Monetary Authority (HKMA) to 400 billion yuan (62.89 billion U.S. dollars).

The three-year pact replaces the three-year currency swap agreement the two sides signed on Jan. 20, 2009, the PBOC said in a statement on its website.

The new pact can be extended with the consent of both sides, it said.

The move aims to ensure regional financial stability and facilitate trade and investment between the Chinese mainland and Hong Kong, and promote the development of the off-shore yuan market in Hong Kong, according to the statement.

Since the onset of the global financial crisis in late 2008, the PBOC has also signed currency swap agreements with 12 countries and regions, including the Republic of Korea (ROK), Malaysia, Belarus, Indonesia, Argentina, Iceland and Singapore.

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