Discussion on Currency Swap Deal btw China, UK
    2013-06-24 10:57:00     CRIENGLISH.com      Web Editor: Guo Jing
The Bank of England and the People's Bank of China have reached a three-year deal to swap sterling and yuan when needed. The swap arrangement is worth 200 billion yuan.


 

The Bank of England and the People's Bank of China have reached a three-year deal to swap sterling and yuan when needed.

The swap arrangement is worth 200 billion yuan.

London is looking to become an international centre for trading the Chinese yuan.

Currency-swap agreements allow central banks to swap currencies and can be used by firms to settle trade in local currencies rather than in the US dollar.

For more on this swap agreement, we're joined live now by Mike Bastin, Visiting Professor at China's University of International Business and Economics.

1. How is this new currency swap going to affect the growing trend of Chinese business operations in the UK?

2. Why has this swap been struck with the Pound and not with the more voluminous trade that is done with continental Europe and denominated in the Euro? Or other G7 economies?

3. What does this say about the current value of the Chinese Yuan and British Pound and how is this likely to affect their exchange rate? And other exchange rates?

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