MW: China's central bank, ECB ready for currency swap
BEIJING--China's central bank and the European Central Bank are ready for currency swap operations after two successful tests this year, the People's Bank of China said Thursday on its website.
In a statement, the PBOC said the two central banks ran tests in April and November this year, and both went smoothly. The People's Bank of China and the ECB signed the currency swap deal in October 2013, with a maximum size of 350 billion yuan, or 45 billion euros.
The agreement will provide liquidity support to both parties' monetary markets and better facilitate trade and investment, PBOC said in the statement.
