ECB, Chinese bank to provide each other's currency

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Posted: Thursday, October 10, 2013 12:00 am | Updated: 5:06 pm, Tue Mar 25, 2014.

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.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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