Tuesday, July 22, 2014

US Dollar Dying by a Thousand Cuts - China signs currency swap worth 150 billion yuan with Switzerland

From reuters.com

Article link

(Reuters) - China signed a bilateral currency swap agreement worth 150 billion yuan ($24.17 billion) with the Swiss central bank, which can invest up to 15 billion yuan in China's bond market.

The three-year swap, signed on Monday, will "provide liquidity support for bilateral economic and trade exchanges and help maintain financial stability," the People's Bank of China (PBOC) said in a statement on its website, www.pbc.gov.cn.

The swap deal will provide liquidity support for development of the offshore yuan market in Switzerland and will be extended if needed, the PBOC said.

Read more