UK, China central banks sign S$42b swap deal

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#1
UK, China central banks sign S$42b swap deal

LONDON — Bank of England Governor Mervyn King and his Chinese counterpart Zhou Xiaochuan agreed to a three-year currency swap line to promote financial stability and trade between China and Britain.

The maximum value of the arrangement is 200 billion yuan (S$42 billion), according to a statement published by the United Kingdom central bank on its website yesterday. The People’s Bank of China put the sterling value at £20 billion (S$39.3 billion) in a statement posted on its website.

http://www.todayonline.com/business/uk-c...-swap-deal
“夏则资皮,冬则资纱,旱则资船,水则资车” - 范蠡
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#2
this looks good for europe, hope they can slowly get out of their recession
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#3
This is not a loan. It is for trade and FX stability purpose. If they had done the USD swap "mechanism" with Asia in 97 we might not have a crisis.

RMB is internationalising. Like chinese shops that have been in operations but not formally 开张, by the time PBOC announce RMB is internationalised, it has already been in motion.
Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give. –William A. Ward

Think Asset-Business-Structure (ABS)
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