Bank of England swap line expected to fuel RMB growth
The decision by the Bank of England to open discussions to create a reciprocal three-year currency swap line with the People's Bank of China (PBoC) has been widely welcomed as an important step to increase liquidity in offshore renminbi trading.
Following a meeting between Bank of England governor Mervyn King and PBoC governor Zhou Xiaochuan in Beijing on February 22, the two central banks hope to sign a final agreement shortly, having stated the arrangement will be used to "finance trade and
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