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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.



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