Chinese and Canadian central banks agree to $30 billion currency swap

Section:

By Andrea Hopkins
Reuters
Saturday, November 8, 2014

BEIJING -- The central banks of China and Canada have agreed to a currency swap worth 200 billion yuan ($32.67 billion) or C$30 billion, according to a Canadian government statement issued at a meeting of Asia Pacific nations on Saturday.

The swap will be effective for three years, according to a separate statement from China's central bank. The agreement was announced after Canadian Prime Minister Stephen Harper met Chinese Premier Li Keqiang.

China's central bank, the People's Bank of China, will also appoint a clearing bank in Canada for yuan -- or renminbi, as the currency is also called -- as part of a memorandum of understanding, the statement said. It did not say which bank would be appointed as the clearing bank, but it is likely to be one of China's four largest banks. ...

... For the remainder of the report:

http://www.reuters.com/article/2014/11/08/china-canada-yuan-idUSL4N0SY0B...



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