Currency Swap Deal
China’s central bank said on October 10 it had renewed a bilateral currency swap deal with the European Central Bank.
The deal has a scale of 350 billion yuan, or 45 billion euros. It will be valid for three years, according to a statement from the People’s Bank of China (PBC).
The PBC said the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market.
A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.
Income Growth
China’s per-capita
