English | دری

UK and China in negotiations on currency swap

in Afghan Business

UK and China in negotiations on currency swap

bank of englandThe Bank of England is next after Australia, Brazil, Japan and Hong Kong to sign currency swap agreement with China.

The Bank and the People’s Bank of China are close to signing a three-year currency swap arrangement, allowing the two banks to settle trade in local currencies rather than in US dollars, as happens now, since China’s currency is not fully convertible to other currencies.

Calling it an “important step”, George Osborne said the agreement would allow London to become a center for the Chinese currency, also known as the renminbi.

China has been gradually relaxing strict controls on the value of its currency and on flows of capital.

Beijing has been using these pacts as part of its push for a more global role for the yuan.



Related Articles

Entrepreneur of the month: Melinda Gates

Melinda Gates, wife of Microsoft founder Bill Gates, is co-chair of the Bill & Melinda Gates Foundation, which strives to

Norway pledges USD 110mn in civilian and military aid to Afghanistan

Norwegian Foreign Minister Børge Brende announced Sunday that his country has pledged USD 110mn in aid to Afghanistan for the

US To Increase Assistance For Reconstruction Process In Daikundi

US Embassy officials gave their commitment to continuing their contribution towards the reconstruction process in Daikundi. The financial assistance would

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*

Time limit is exhausted. Please reload the CAPTCHA.