The European Central Bank and the People’s Bank of China have extended their bilateral euro-renminbi currency swap arrangement for a further three years, running to 8 October 2028, with terms unchanged. The facility remains capped at CNY 350 billion and EUR 45 billion and is positioned, from a Eurosystem perspective, as a backstop to address potential sudden and temporary renminbi liquidity shortages at euro area banks in the event of disruptions in the renminbi market. The ECB noted the arrangement’s link to supporting global financial stability and its consistency with the volume of trade and investment between the euro area and China.
European Central Bank 2025-09-08
European Central Bank and People’s Bank of China extend euro renminbi swap line until October 2028
The European Central Bank and the People’s Bank of China have extended their bilateral euro-renminbi currency swap arrangement for three years, maintaining the cap at CNY 350 billion and EUR 45 billion. This facility serves as a backstop for potential renminbi liquidity shortages at euro area banks. The ECB highlighted its role in supporting global financial stability and aligning with trade and investment volumes between the euro area and China.