HK & China agree on currency swap
21-01-2009
The Monetary Authority and the People's Bank of China have agreed on a 200-billion yuan currency swap. This is one of the 14 measures that the Central Government pledged to help Hong Kong weather the global financial crisis last month. The currency swap will give liquidity support for local and mainland banks which have cross-border operations. It increases the access of yuan and Hong Kong dollars for banks. The Monetary Authority said the move would bolster financial stability in Hong Kong as well as in the region.
