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Bank claim: BoE seeks investment from China

As a means of boosting the country’s financial power, the Bank of England (BoE) is seeking a three-year swap line with the People’s Bank of China (PBoC).

BoE governor Mervyn King met with the governor of PBoC, Zhou Xiaochuan, in China where they agreed to sign a swap line deal as soon as possible.

The BoE said that the deal would be used to keep Britain’s domestic finances stable if need be. Its main purpose is to ensure that China and Britain would finance trade and investment between each other so that the BoE will be able to ensure finances if there is little renminbi outside of China.

China has historically kept its currency tightly controlled for fear that opening up its trade would bring down the value of its exports.

The country’s economy has been rising greatly, owing mostly to its exports.

China’s currencies, the yuan and the renminbi, are expected to emerge as a global reserve currency.

Charles Baker

Charles is a reputed financial analyst with decades of experience under his belt.ADNFCR-2776-ID-801544976-ADNFCR

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