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Published: 17:47, October 10, 2022
ECB, PBOC extend currency swap deal for 3 years
By Reuters
Published:17:47, October 10, 2022 By Reuters

Euro and Yuan banknotes are seen in this picture illustration taken May 8, 2017. (DADO RUVIC / REUTERS)

FRANKFURT - The European Central Bank and the People's Bank of China have extended for a further three years a currency swap deal aimed at ensuring euro area banks do not run out of renminbi, the ECB said on Monday.

READ MORE: Renminbi's global use set to expand

The arrangement will run through 8 October 2025, with its maximum size unchanged at 350 billion renminbi and 45 billion euros (US$43.65 billion).

"From a Eurosystem perspective, the arrangement serves as a backstop facility to address potential sudden and temporary CNY liquidity shortages for euro area banks as a result of disruptions in the renminbi market," the ECB said.

READ MORE: Renminbi gets global currency basket upgrade

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