The People's Bank of China (PBOC) has renewed currency swap agreements with the European Central Bank (ECB), the Swiss National Bank (SNB) and the National Bank of Hungary (MNB). The deals were signed by PBOC Governor Pan Gongsheng, ECB President Christine Lagarde, SNB Chairman Martin Schlegel and MNB Governor Mihály Varga at the Bank for International Settlements' Governors' meeting on September 7–8.
The PBOC–ECB swap is valued at RMB 350 billion (about €45 billion) with a three-year term. The PBOC–SNB deal totals RMB 150 billion (around CHF 17 billion) for five years, while the PBOC–MNB swap stands at RMB 40 billion (about HUF 1.9 trillion), also for five years.
The PBOC said the renewals will deepen financial cooperation, facilitate trade and investment, and support market stability.
