| The European Central Bank said Thursday it has signed a three-year, bilateral agreement with China’s central bank, which will be able to tap €45 billion ($60.9 billion) from the ECB in a move that will allow it to meet unexpected needs for foreign-denominated funds.
“The swap arrangement is intended to serve as a backstop liquidity facility and to reassure euro area banks of the continuous provision of Chinese yuan,” the ECB said. The ECB joins a number of central banks that have already signed similar agreements with China in a move aimed at promoting bilateral trades between the regions as well as ensuring stability of the markets...............................................Full Article: Source
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