China’s central bank, under the renewed deal, can obtain up to 40 billion pounds (US$64.51 billion) from the Bank of England while the BOE can borrow US$350 billion yuan (US$50 billion) from China. Photo: Reuters

PBOC renews currency backup from UK and Japan to defend yuan

  • China central bank renews currency swap deal with UK of 350 billion yuan (US$50 billion)
  • UK swap renewal came just two weeks after a similar credit line of 200 billion yuan with Japan
Topic |   Yuan

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China’s central bank, under the renewed deal, can obtain up to 40 billion pounds (US$64.51 billion) from the Bank of England while the BOE can borrow US$350 billion yuan (US$50 billion) from China. Photo: Reuters
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Karen Yeung

Karen Yeung

Karen Yeung joined the Post in 2017 after more than 15 years' experience on global newswires in Hong Kong and Shanghai. She spent eight years in Shanghai and has received awards for best feature, analysis and agenda-setting.