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China and Switzerland sign bilateral currency swap line

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China and Switzerland sign bilateral currency swap line

The Chinese and Swiss Central Banks have come to an agreement that will see them both engage in a currency swap. The move will promote the use of the renminbi on an international level and will also boost Switzerland’s bid to become a trading hub for the Chinese currency.

The agreement was signed yesterday by the governor of the People’s Bank of China, Zhou Xiaochuan, and chairman of the Swiss National Bank, Thomas Jordan. Now, the two central banks will be able to purchase and repurchase renminbi and Swiss francs up to a limit of Rmb150 billion or SFr21 billion.

At the moment, the competition for renminbi business is fierce in the west. Several countries are vying for the top spot as currency hub. In fact, it was earlier this year that the PBoC signed off significant deals with Bank of England in London and Bundesbank in Frankfurt.

The SNB said in a statement that the swap agreement was “a key prerequisite for the development of a renminbi market in Switzerland”, adding that it highlighted the increasingly close ties being forged between the two states.

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Mauritius,
J. Balcikonio str. 9,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

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Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.