A currency swap is a foreign-exchange agreement between two institutions to exchange aspects (namely the principal and/or interest payments) of a loan in one currency
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United Kingdom and China in £21bn currency swap deal The Bank of England and its Chinese counterpart have signed a deal likely to boost trade between the UK and China in the yuan.
The UK is looking to become a centre for the Chinese currency, also known as the renminbi.
British banks hold 35bn yuan worth of deposits in the Chinese currency.
Currency-swap agreements allow central banks to swap currencies and can be used by firms to settle trade in local currencies rather than in US dollars, as happens now, since China's currency is not fully convertible to other currencies
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China has been gradually relaxing strict controls on the value of its currency and on flows of capital.
Beijing has been using these pacts as part of its push for a more global role for the yuan.
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France and China to set up currency swap
PARIS, June 25 (Reuters) - France is working on setting up a currency swap line with China to boost the yuan's presence in international trade, French President Francois Hollande said not too long ago. 
The move would follow a similar agreement between Britain and China at the weekend, the first such deal with a country belonging to the Group of Seven economic powers.
'We are ready here in France, with Paris, to play a major role in the process of internationalisation of the yuan to encourage a better use of this currency in international transactions,' Hollande said during a meeting with Chinese business developers
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Euro zone central banks can set up such bilateral agreements, but the European Central Bank's governing council has to approve them.
In an effort to achieve greater overseas use of the yuan China has already agreed swap lines with more than 15 other countries, mostly emerging markets. ($1 = 6.1451 Chinese yuan)
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China signs currency swap pact with Singapore
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| Chinese Vice Premier Wang Qishan (5th R, 2nd row) and Singaporean Deputy Prime Minister Wong Kan Seng (6th L, 2nd row) attend the signing ceremony of documents between the two countries in Beijing, capital of China |
The People's Bank of China (PBOC), the central bank, said Friday that it has signed a 150-billion-yuan (22.12 billion U.S. dollars) currency swap agreement with the Monetary Authority of Singapore (MAS).
The agreement has a three-year maturity and can be extended if both sides agree, according to the statement posted on the PBOC website.
The move is aimed at promoting bilateral trade and direct investment, it said.
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The bilateral currency swap arrangement is a key pillar of cooperation between the PBOC and MAS to strengthen regional economic resilience and financial stability," the MAS, the central bank of Singapore, said in a statement on its website.
Chinese Vice Premier Wang Qishan and Singaporean Deputy Prime Minister Wong Kan Seng attended the signing ceremony held in Beijing.
Before the ceremony, the two officials jointly chaired a meeting about China-Singapore cooperation, and two more meetings featuring the Suzhou Industry Park in east China's Jiangsu Province and Tianjin Eco-City project, both of which are cooperation projects between the two nations.
Since late 2008, China has signed currency swap agreements with the Republic of Korea (ROK), Malaysia, Belarus, Indonesia, Argentina and Iceland, as well as Hong Kong.
The arrangements would provide yuan liquidity and facilitate cross-border trade settlement in the Chinese currency.
Cross-border yuan trade settlement is now allowed in all countries and regions, after starting first in Hong Kong, Macao, and in 10 member states of the Association of Southeast Asian Nations (ASEAN).
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China, UAE sign 35 bln yuan currency swap
January 18, 2012 02:50 AM
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BEIJING: China and the United Arab Emirates Tuesday signed a currency swap agreement worth 35 billion yuan ($5.54 billion), the People’s Bank of China said, adding that the deal was effective for three years and would boost two-way trade and investment.
The agreement signed in Dubai was announced while Chinese premier Wen Jiabao tours the Middle East, including the Emirates, and is the latest in a string of arrangements to facilitate greater use of China’s yuan in international trade.
The PBOC announced the deal on its website and said it was worth 20 billion dirhams, the UAE’s currency.
In the first 11 months of 2011, trade between China and the UAE grew to $32.0 billion in value, a rise of 38.2 percent on the same period in 2010, according to Chinese customs data. Chinese exports to the UAE, worth $24.3 billion, dominated that trade.
The UAE is a relatively modest exporter of crude to China. In the first 11 months of 2011, it shipped 6.4 million tons of crude to China, a rise of 26 percent on the same period in 2010.
China has signed a series of currency swap agreements in recent years with key trading partners in a bid to boost the use of the yuan for the direct settlement of international trade. Other countries that have signed such deals recently include Thailand and South Korea.
Beijing’s long-term ambition is to unseat the dollar as the dominant unit of international settlement for cross-border trade in goods and services, especially now that China is the world’s single largest exporting nation and the second largest importer.
Internationalizing the use of the yuan in trade would also strengthen the case for the Chinese currency to be included in the basket of key settlement currencies that the International Monetary Fund uses in its Special Drawing Right unit of account.
Besides the currency swaps, central banks from Japan to Nigeria have either discussed or agreed with China to hold yuan assets as part of their official foreign exchange reserves.
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--- Russia's Putin Makes Currency Swap Deal With China there are many undercurrent philosophies of what the New World Order means and how they plan to execute their plans. - -
China and Japan Currency Swap:
A Nail in The Coffin of The US Dollar Hegemony
. On 25 December 2011, the government of Peoples Republic of China and Japan unveiled plans to promote direct exchange of their currencies.
This agreement will allow firms to convert the Chinese and Japanese currencies directly into each other, thus negating the need to buy dollars.
This deal between China and Japan followed agreements between China and numerous countries to trade outside the sphere of the US dollar.
A few weeks earlier, China also announced a 70 billion Yuan ($11 billion) currency swap agreement with Thailand.
After visiting China, the Prime Minister of Japan Yoshihiko Noda went on to India and signed another currency swap agreement with the government of India.
These currency agreements in Asia came in a year when the countries of the Association of South East Asian Nations
(ASEAN) (Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam) were seeking to deepen ways to strengthen their firewall to protect their economies from the continued devaluation of the US dollar.
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