PBOC starts currency swaps
28 November 2005
Viewed as a signal for greater yuan appreciation, the People's Bank of China conducted its first currency swap deals with local banks in a the China Daily, said was another step in effecting reform in bringing more flexibility to renminbi trading. A Beijing trader for a major state-owned bank said that the central bank offered one-year currency swaps worth $6 billion at 7.85 Chinese yuan per dollar.
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