China, Britain set up currency swap line

BEIJING,June 23 (Xinhua) -- China's central bank announced Sunday that it has signed an agreement to establish a currency swap line with the Bank of England (BOE) to boost bilateral trade and financial stability.

According to the People's Bank of China, China's central bank,the maximum value of the reciprocal 3-year yuan/sterling currency swap will be 200 billion yuan (32.6 billion U.S. dollars)/20 billion pounds.

The currency swap line will facilitate yuan liquidity in London and overseas markets, as well as benefit bilateral trade and investment, the central bank said.

China's cabinet pledged in May to steadily introduce market-oriented interest rate and exchange rate system reforms, permitting individual investors to buy foreign equities and mapping out operational plans to make the yuan convertible under the capital account.

China has signed currency swap agreements with more than 20 countries and regions.

We Recommend:
'All in Tuning All in Caravanning' Show	HK's new cruise terminal receives luxury liner	Huawei unveils thinnest smartphone in Singapore
Airbus A350 lands safely from test flight in S. France	Special coverage: China-EU solar row	Highlights of ATC Show 2013
Top 10 luxury villas of China in 2013	Turn rabbit to 'gold' - A young entrepreneur's goal	Hilton to open 120 new hotels in China