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Bank of England closes in on China currency deal
The Bank of England expects to sign a final agreement to set up a three-year yuan-sterling swap line "shortly", during a meeting between Sir Mervyn and his counterpart Zhou Xiaochuan in Beijing. Britain's central bank has been eyeing such a deal for some time, saying last month it was ready "in principle" to adopt a currency swap line with its Chinese counterpart as the yuan starts to emerge as a world reserve currency. It said the arrangement would be used to finance trade and direct investment between the two countries and to support domestic financial stability if needed. "In the unlikely event that a generalised ... (full story)
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