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China Confidential - Premium Investment Insight
23 March 2012

What happened: On March 22, the People's Bank of China signed a three-year Rmb200bn ($31bn, £20bn, €24bn) currency swap deal with the Reserve Bank of Australia, marking another step forward in promoting greater usage of the renminbi offshore. This latest deal takes the total value of the People's Bank China's swap agreements with 15 other central banks to more than Rmb1,500bn (see table 1). The deal with the Reserve Bank of Australia, which is the second-largest after that which has been agreed with the Hong Kong Monetary Authority, aims at bolstering opportunities to settle bilateral trade in renminbi.



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