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UK and China in GBP21bln currency swap deal

Posted on 24 June 2013

The Bank of England and its Chinese counterpart have signed a deal likely to boost trade between the UK and China in the yuan. The Bank and the People’s Bank of China have signed a three-year currency swap arrangement worth 200bn yuan (£21bn, $33bn), the UK central bank confirmed.
The UK is looking to become a centre for the Chinese currency, also known as the renminbi. British banks hold 35bn yuan worth of deposits in the Chinese currency………………………………………..Full Article: Source


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