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Currency-swap agreement of ECB, PBOC extended

A currency-swap arrangement between the European Central Bank and the People’s Bank of China will be extended for three years, the ECB announced Tuesday. The swap line, with a maximum of 350 billion yuan and €45 billion, is intended to “address potential sudden and temporary disruptions in the renminbi market due to liquidity shortages in euro area banks,” according to the ECB.

The Wall Street Journal (tiered subscription model) (27 Sep.)