Banking
Central banks of UK and China extend $55 billion currency swap line
Published by maria gbaf
Posted on November 15, 2021
1 min readLast updated: January 28, 2026
Global Banking & Finance Review®
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Published by maria gbaf
Posted on November 15, 2021
1 min readLast updated: January 28, 2026
The Bank of England and People's Bank of China have renewed their $55 billion currency swap line for five years, supporting the renminbi market in London.
LONDON (Reuters) – The Bank of England said it and the People’s Bank of China had agreed to extend a sterling-renminbi currency swap line for a further five years.
The maximum value of the swap line remained at 350 billion yuan ($54.85 billion), the BoE said.
“The renminbi’s role in global trade and capital flows continues to increase,” BoE Governor Andrew Bailey said.
“The renewal of this swap line for five years reflects a continued commitment by the Bank of England and the People’s Bank of China to support an effective and resilient renminbi market in the City of London, reflecting its role in renminbi trading.”
($1 = 6.3812 Chinese yuan renminbi)
(Writing by William Schomberg, editing by David Milliken)
The main topic is the extension of a currency swap line between the Bank of England and the People's Bank of China.
It supports the renminbi market in London and reflects the growing role of the renminbi in global trade.
The currency swap line is extended for another five years.
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