Tuesday, July 22, 2014

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

From reuters.com

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(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.

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