The Swiss National Bank and the People’s Bank of China reached a currency swap agreement on Monday, allowing the two central banks to buy and sell their currencies up to a limit of 150 billion renminbi, or 21 billion Swiss francs ($23.4 billion).<\/p>\n
The deal will also allow the Swiss central bank to invest some of its huge accumulation of foreign exchange reserves in the Chinese bond market, the SNB said in a statement Monday.<\/p>\n
The Zurich-based SNB said the agreement will further strengthen collaboration between it and its Chinese counterpart and is a “key requisite for the development of a renminbi market in Switzerland.” It could also facilitate trade and investment between the two countries, the PBOC said.<\/p>\n
Switzerland is the latest of a series of countries to set up swap lines with China, which is keen to promote the international use of the yuan.<\/p>\n
Last year China signed swap agreements with the European Central Bank and a clutch of others, including the U.K., Brazil and Indonesia.<\/p>\n
The agreement between China and Switzerland has a term of three years and can be renewed thereafter, the PBOC said. – Dow Jones Business News<\/p>\n","protected":false},"excerpt":{"rendered":"
The Swiss National Bank and the People’s Bank of China reached a currency swap agreement on Monday, allowing the two central banks to buy and sell their currencies up to a limit of 150 billion renminbi, or 21 billion Swiss francs ($23.4 billion). The deal will also allow the Swiss central bank to invest some … Continue reading “Swiss and Chinese central banks enter into currency swap”<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,3],"tags":[1658,144,9523,653],"class_list":["post-14858","post","type-post","status-publish","format-standard","hentry","category-business-and-finance","category-news","tag-central-bank","tag-china","tag-currency-swap","tag-switzerland"],"cc_featured_image_caption":{"caption_text":false,"source_text":false,"source_url":false},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/14858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14858"}],"version-history":[{"count":1,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/14858\/revisions"}],"predecessor-version":[{"id":14859,"href":"https:\/\/praag.org\/index.php?rest_route=\/wp\/v2\/posts\/14858\/revisions\/14859"}],"wp:attachment":[{"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/praag.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}