PBC Signed Local Currency Swap Agreement with Swiss National Bank
With the approval of the State Council, the People’s Bank of China signed on July 21, 2014, an agreement on bilateral local currency swap with the Swiss National Bank for the purpose of providing liquidity support for the bilateral economic and trade activities and maintaining financial market stability. The size of the swap facility is 150 billion yuan/21 billion Swiss francs. The agreement is valid for three years and can be extended with mutual consent.
The signing of the local currency swap agreement represents fresh progress in the Sino-Swiss cooperation in monetary and financial fields and will help promote trade and investment facilitation. Furthermore, it will provide liquidity support for the further expansion of RMB market in Switzerland and facilitate the use of RMB beyond Chinese borders.
Source: PBC
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