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China Creates Yuan Liquidity Reserve Pool With BIS, Five Others
The People’s Bank of China will create a yuan reserve pool with the Bank for International Settlements and five other regulators to provide liquidity to participating economies in periods of market volatility. China along with Indonesia, Malaysia, Hong Kong, Singapore and Chile will each contribute a minimum of 15 billion yuan ($2.2 billion) or US dollar equivalent to so-called Renminbi Liquidity Arrangement, according to a PBOC statement on Saturday. The funds will be placed with the BIS. “When in need of liquidity, participating central banks would not only be able to draw down on their contributions, but would ... (full story)
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