PBOC in RMB swap

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The People's Bank of China (PBOC) conducted its first-ever currency swap worth $6 billion for a tenor of one year.

Market observers say this represents an important move in enabling China's capital markets to develop. Frank Gong, Greater China economist at JP Morgan in Hong Kong, says: "It is a step forward in allowing domestic banks and financial institutions to better manage their FX exposure at a time when the renminbi is expected to be allowed to appreciate further."

The PBOC has entered i

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