Renminbi swap line expected to boost CNH liquidity
The newly reached agreement to establish a renminbi swap line between the Bank of England and the People's Bank of China (PBoC) has been broadly welcomed by market participants as a key step in increasing trading of renminbi outside of China, boosting market confidence and liquidity.
In one of his last acts as governor of the Bank of England, Mervyn King, who retires at the end of this week, unveiled the agreement with PBoC governor Zhou Xiaochuan on June 22. The three-year reciprocal swap line
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