China's central bank, BIS set up renminbi liquidity arrangement

25/6/2022 2:54:00 PM

China's central bank, BIS set up renminbi liquidity arrangement

China's central bank, BIS set up renminbi liquidity arrangement

SHANGHAI : China's central bank said on Saturday it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement (RMBLA) that will provide support to participating central banks in times of market fluctuations. The People's Bank of China (PBOC) said the

SHANGHAI : China's central bank said on Saturday it had signed an agreement with the Bank for International Settlements to establish a Renminbi Liquidity Arrangement (RMBLA) that will provide support to participating central banks in times of market fluctuations.

The People's Bank of China (PBOC) said the arrangement's first participants, in addition to the PBOC, would include Bank Indonesia, the Central Bank of Malaysia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of Chile.

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The People's Bank of China (PBOC) said the arrangement's first participants, in addition to the PBOC, would include Bank Indonesia, the Central Bank of Malaysia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of Chile. Each participant will contribute a minimum of 15 billion yuan ($2.96 billion) worth of seven-day reverse repos on Friday, having injected 10 billion yuan each day for the past 50 days.2 billion) or the U. That would follow a 1.S. For the week, the central bank injected a net 50 billion yuan on a net basis, showed Reuters' calculation based on official data. dollar equivalent, it said. China faced a large-scale power outage in late 2021 that caused widespread factory shutdowns.

The BIS said in a separate statement that the funds could be contributed either in yuan or U.6980 Chinese yuan). Some analysts, meanwhile, expected a slight increase in May factory output thanks to robust manufacturing of electronic parts and production machinery.S. dollars, and that they would be placed with the BIS, creating a reserve pool. ($1=6.3 per cent on a year earlier, posting the third month of annual growth.6878 Chinese yuan renminbi) Source: Reuters .