Hong Kong and China Upgrade Currency Swap Line, Allowing Beijing Access to More Foreign Currency Reserves

Hong Kong and China Upgrade Currency Swap Line, Allowing Beijing Access to More Foreign Currency Reserves
The entrance of the Hong Kong Monetary Authority, in Hong Kong on July 10, 2014. Bilong/Epoch Times Staff
Kathleen Li
Updated:

Nearly 30 percent of Hong Kong’s foreign currency reserves are now accessible to Beijing after the People’s Bank of China (PBC) and Hong Kong Monetary Authority (HKMA) upgraded their currency swap line on July 4.

Upgrading the currency swap line to a standing arrangement was one of two new policies announced by the PBC and the HKMA last week. With no need for renewal, the size of the standing currency swap line has also been expanded by 60 percent, increasing from 500 billion yuan ($74 billion) to 800 billion yuan ($119 billion).
Kathleen Li
Kathleen Li
Author
Kathleen Li has contributed to The Epoch Times since 2009 and focuses on China-related topics. She is an engineer, chartered in civil and structural engineering in Australia.
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