© Reuters. FILE PHOTO: Cash and banknotes of China’s yuan are seen on this illustration image taken February 24, 2022. REUTERS/Florence Lo/Illustration
BEIJING (Reuters) – China’s central financial institution stated on Monday that it has upgraded a forex swap facility with Hong Kong to a standing swap settlement and expanded the scale to 800 billion yuan ($119.40 billion) from 500 billion yuan.
The settlement was signed by the Folks’s Financial institution of China (PBOC) and the Hong Kong Financial Authority. It’s the PBOC’s first standing swap settlement, in keeping with an announcement posted on its web site.
The PBOC stated the upgraded settlement might present extra secure and long-term liquidity assist to the Hong Kong market, assist stabilize market expectations, and promote the event of Hong Kong’s market.
($1 = 6.7000 renminbi)
