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ECB, Chinese bank to provide each other's currency
Thursday - 10/10/2013, 4:36am EDT
FRANKFURT, Germany (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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)