January 20, 2009

China-Hong Kong Currency Swap as Yuan Weakens

The Chinese central bank and the Hong Kong monetary authority have set a currency swap to provide up to $200 billion Yuan (just under $30 billion US dollars) in short term liquidity for Hong Kong based banks operating on the mainland and mainland banks in Hong Kong.
Meanwhile in other currency news, the Yuan has slipped 2% against the dollar since the start of the year. The Yuan gained 6.6% in 2008. The Yuan had steadily appreciated (in response to USA government pressure) since the defacto dollar peg ended in 2005...

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