The UK and China have formally established a currency swap line, a symbolic step in London’s attempt to become a global centre for trading the offshore renminbi and one of Sir Mervyn King’s final acts as governor of the Bank of England.
The BoE and the People’s Bank of China signed the agreement at the weekend, which will initially last for three years and has a maximum value of Rmb200bn ($32.5bn).
Sir Mervyn, whose 10 years as BoE governor end this month, said the deal would “support UK domestic financial stability”.
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