Announcement out on both websites. Rtrs reporting
The ccy swap deal signed in Oct 2013 totals 350bln yuan ( €45bln) and two tests have been conducted in April and November
PBOC says the tests are a step toward facilitating better trade and investment between Chins and Eurozone
ECB says:
- The tests serve to confirm operational readiness and are not a precursor to activation of a swap
- Swap arrangement contributes to global financial stability
- Liquidity providing arrangements contribute to global financial stability and the arrangement with the PBC is a recognition of the rapidly growing bilateral trade and investment between the euro area and China
More at the ECB site here
