Brussels, 10/10/2013 (Agence Europe) - On Thursday 10 October, the European Central Bank announced that it has agreed on a bilateral currency swap arrangement with the People's Bank of China to purchase and subsequently repurchase Chinese yuan and euro from each other.
The swap agreement, which will be valid for three years, will have a maximum size of 350 billion yuan when yuan are provided to the ECB and of €45 billion when euro are provided to the PBC. The swap arrangement has been...