Bank of England closes in on China currency deal
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02/22/2013 02:53 PM
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Sir Mervyn King, Governor of the Bank of England, is on the brink of striking a deal with the People's Bank of China which would cement the UK's role as the leading G7 trade hub for the world's fastest growing currency.Quoting: gebahie
The Bank of England expects to sign a final agreement to set up a three-year yuan-sterling swap line "shortly", during a meeting between Sir Mervyn and his counterpart Zhou Xiaochuan in Beijing.
European and US officials have been pressing China for years to do more to open up the yuan to market forces, saying its artificial weakness was one of the key imbalances of the global economy.
[link to www.telegraph.co.uk]
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