China, UK extend deal on currency swap
The maximum value of swap was expanded from 200 bn yuan ($31 bn) to 350 bn yuan
 "Chinese President Xi Jinping, center, and British Prime Minister David Cameron pose for photographs for the media before their meeting at 10 Downing Street, in London")
Chinese President Xi Jinping, center, and British Prime Minister David Cameron pose for photographs for the media before their meeting at 10 Downing Street, in London
China's central bank announced on Wednesday that it has extended an agreement on a reciprocal currency swap scheme with the Bank of England.
The maximum value of swap was expanded from 200 billion yuan ($31 billion) to 350 billion yuan, valid for three years and can be further extended when agreed, Xinhua news agency cited a statement by People's Bank of China (PBOC).
The PBOC said the deal will provide more liquidity for RMB businesses in Britain, boost local yuan-denominated asset transactions and management, as well as facilitate trade and investment.
The two sides signed the previous agreement in June 2013.
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First Published: Oct 21 2015 | 5:56 PM IST