European Central Bank and People’s Bank of China extend the bilateral currency swap arrangement established in 2013 for another three years Swap arrangement has a maximum size of 350 billion Chinese renminbi and €45 billion Can serve as backstop liquidity facility to address potential shortage of renminbi for euro area banks The European Central Bank (ECB) and the People’s Bank of China (PBC) have decided to extend for another three years, until 8 October 2022, their bilateral currency swap arrangement at unchanged conditions. The ECB and the PBC established the first three-year bilateral currency swap arrangement on ... (full story)