UK and China agree to currency-swap line

06/24/2013 | Bloomberg · Wall Street Journal, The

Mervyn King, governor of the Bank of England, and Zhou Xiaochuan, head of the People's Bank of China, are striving to promote financial stability and trade between the countries by agreeing to a three-year currency-swap line. "The establishment of a sterling/renminbi swap line will support UK domestic financial stability," King said. "In the unlikely event that a generalised shortage of offshore renminbi liquidity emerges, the bank will have the capability to facilitate renminbi liquidity to eligible institutions in the UK."

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