The European Central Bank (ECB) and the People’s Bank of China (PBC) have decided to extend
their bilateral euro-renminbi currency swap arrangement for another three years until 8 October 2028.
The conditions of the arrangement remain unchanged.
The ECB and the PBC established the first three-year bilateral currency swap arrangement on 8
October 2013, with a maximum size of CNY 350 billion and €45 billion. This was subsequently
extended in 2016, 2019 and 2022, each time for a further three-year period.
From a Eurosystem perspective, the arrangement serves as a backstop facility to address potential
sudden and temporary CNY liquidity shortages for euro area banks as a result of disruptions in the
renminbi market. Liquidity-providing arrangements contribute to global financial stability. The
arrangement with the PBC is consistent with the large volumes of bilateral trade and investment
between the euro area and China.
For media queries, please contact Clara Martín Marqués, tel.: +49 69 1344 17919.
Notes
- For further information on standing swap and repo lines, see the overview on the ECB’s website.