Chinese Mainland, Hong Kong Expand Currency Swap in Boost for Offshore Yuan

China’s central financial institution and the Hong Kong Financial Authority (HKMA) stated they’ve expanded their foreign money swap facility and made the association everlasting, marking one other step in cementing the town’s position as an offshore yuan hub.

The Folks’s Financial institution of China (PBOC) has signed an settlement with the HKMA, the town’s de facto central financial institution, to broaden the ability to 800 billion yuan ($119.3 billion), or HK$940 billion, from 500 billion yuan, or HK$590 billion, in response to statements launched by each establishments on Monday.