Chinas central bank said on Wednesday that it has renewed a bilateral currency swap facility with Hong Kong and expanded the size to 500 billion yuan 76 billion from 400 billion yuan.
The agreement was signed by the Peoples Bank of China PBOC and the Hong Kong Monetary Authority. And the renewal would be for a period of five years, according to a statement posted on the PBOC website.
The PBOC said the renewal would help maintain financial stability, facilitate trade and investment, and promote the development of Hong Kongs offshore yuan market.
1 6.5786 Chinese yuan
Reporting by the Beijing Monitoring Desk and Winni Zhou; Editing by Toby Chopra