BOE Plans to Sign Yuan Currency Swap Deal With China
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The Bank of England and the People’s Bank of China plan to sign a deal soon on a three-year currency-swap arrangement as London pushes to become an offshore center for yuan trading.
BOE Governor Mervyn King and his PBOC counterpart, Zhou Xiaochuan, met in Beijing yesterday, and their central banks will “facilitate” discussions on the yuan-sterling swap, the BOE in London said in an e-mailed statement.