Chinese Central Bank and Hong Kong Monetary Authority Expand Currency Swaps Agreement

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The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) have extended and expanded their currency swaps agreement.

PBOC and HKMA recently extended their currency swaps agreement, expanding the reciprocal volume from 400 billion yuan/ 470 billion HKD to 500 billion yuan/ 590 billion HKD, with an effective period of five years.

In an official statement the two monetary authorities said that the extension of the currency swaps agreement would be of benefit to maintaining the financial stability of mainland China and Hong Kong, facilitating trade and investment, and driving the development of the offshore renminbi market in Hong Kong.

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