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People's Daily Online>>China Business

Mainland, HK agree to double currency swap

By Wang Peiwei, Wang Yu, Liu Chen (People's Daily Overseas Edition)

15:36, November 24, 2011

The People's Bank of China and the Hong Kong Monetary Authority will increase their currency swap line from 200 billion yuan to 400 billion yuan, according to a renewed currency swap agreement for a term of three years, which was signed by the two parties in Beijing on Nov. 22.

This new agreement supersedes the previous one signed on Jan. 20, 2009 and can be renewed with mutual consent.

Hong Kong's Financial Secretary John Tsang said that the renewal and expansion of the currency swap agreement will provide a broader space for the development of RMB business in Hong Kong and reinforce Hong Kong's status as an offshore RMB business center.

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