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China, Britain extend currency swap deal

Updated: Nov 13,2018 6:43 AM     Xinhua

BEIJING — China’s central bank said on Nov 12 that it has renewed an agreement on a reciprocal currency swap scheme with the Bank of England.

The maximum value of the swap was set at 350 billion yuan ($50 billion) to 40 billion pounds, valid for three years and can be further extended, according to a statement by the People’s Bank of China (PBOC).

The PBOC said the deal aims to safeguard domestic financial stability.

The two sides signed the previous agreement in 2015.