“China accelerated plans to internationalize its currency on Thursday by agreeing to swap euros and yuan with the European Central Bank in a deal that is set to be China’s second-largest to date. The bilateral currency swap agreement between the European Central Bank (ECB) and the People’s Bank of China (PBOC) is valid for three years and has a maximum size of 350 billion yuan, or 45 billion euros ($60.8 billion). The deal is the latest of a string of currency swaps that China has created with other nations to promote usage of the yuan in global commercial and financial transactions, with the ultimate goal of rivaling the dollar as a reserve currency.”
http://www.reuters.com/article/2013/10/10/us-ecb-china-swap-idUSBRE9990A220131010
Related posts:
Harper government kills controversial Canadian Internet surveillance bill
Mass protest in Japan against U.S. hybrid aircraft
The government has your baby's DNA
Feds secretly rolling out real estate cash reporting rules to more states
Despite Tax Increase, California State Revenues in Freefall
Guantanamo camp burns through $900,000 a year per inmate
Bank of Japan announces new monetary easing
Saudi Arabia opens luxury ‘religious extremist’ rehab center for Al-Qaeda militants
U.S. DEA 'most interested' in U.S. investors in Canadian marijuana firms
Deportations of illegal immigrants in 2012 reach new US record
More countries use Chinese yuan to settle international payments
Americans Gambling on Rates With Most ARMs Since 2008
Chinese Hackers Could Face Aggressive Action From U.S. Over Cyber Attacks
Deputy charged with pepper spraying teen's pizza during traffic stop
Moms in Spain Strip to Raise Money for School Bus