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Currency swap signed with the EU a 'landmark'

By Li Xiang in Paris and Zhang Chunyan in London | China Daily | Updated: 2013-10-11 07:20

Largest deal outside Asia is big step toward yuan internationalization

China and the European Union signed a currency swap agreement to boost trade and financial stability in a move that also marks a landmark step for the yuan's internationalization.

The three-year swap line with a maximum value of 350 billion yuan ($57 billion) is the largest the People's Bank of China has signed with a foreign central bank outside of Asia, higher than the 200 billion yuan agreement with the Bank of England.

Currency swap signed with the EU a 'landmark'

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