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ECB, Chinese bank to provide each other's currency


October 10. 2013 5:36AM
Associated Press

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(AP) The European Central Bank and the People's Bank of China have agreed to start supplying each other with their currencies a sign of increasing trade and investment between the eurozone and China.


The currency swap agreement will last for three years and provide a maximum of 350 billion yuan ($56 billion) to the ECB and 45 billion euros ($60.8 billion) to the PBC.


The deal means the ECB can reassure banks in the 17-member eurozone that they can always borrow Chinese currency if they need it.


The ECB said in a statement Thursday that the deal will also help to ensure the stability of financial markets.


Associated Press


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