According to China Press, PBOC is Likely to Lead LPR Lower in H2

According to Reuters, the People's Bank of China (PBOC) stated on Monday that it has increased the size of a currency swap facility with Hong Kong from 500 billion yuan to 800 billion yuan ($119.40 billion) and converted it into a standing swap arran

July 04, 2022 - 12:17 PM 277 views

According to China Press, PBOC is Likely to Lead LPR Lower in H2

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© According to China Press, PBOC is Likely to Lead LPR Lower in H2

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According to Reuters, the People's Bank of China (PBOC) stated on Monday that it has increased the size of a currency swap facility with Hong Kong from 500 billion yuan to 800 billion yuan ($119.40 billion) and converted it into a standing swap arrangement.

Key Takeaways

The People's Bank of China (PBOC) and the Hong Kong Monetary Authority both signed the agreement (HKMA).

The enhanced arrangement might offer the Hong Kong market more consistent and long-term liquidity support.

Will contribute to the stabilisation of market expectations and the growth of the offshore yuan market in Hong Kong.

The Market Reaction

The USD/CNY exchange rate was last reported at 6.6962, down 0.06 percent today.

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