July 04, 2022 - 12:17 PM 277 views
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.
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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