January 21, 2015 / 5:26 PM / 5 years ago

Swiss central bank says inks pact for renminbi clearing with PBOC

ZURICH, Jan 21 (Reuters) - Switzerland’s central bank said on Wednesday that it agreed with the People’s Bank of China (PBOC) to establish clearing arrangements in Switzerland for renminbi trading and extend a pilot scheme for Swiss investors.

“It (the arrangement) will promote the use of the renminbi by enterprises and financial institutions in cross-border transactions, and promote facilitation of bilateral trade and investment,” the Swiss National Bank said in a statement.

Alongside the pact, the PBOC will extend a pilot scheme for foreign investors to Switzerland with a quota of up to 50 billion yuan ($8.05 billion).

The Swiss central bank said a bilateral currency swap agreement worth 150 billion yuan signed with China last year was a key precursor to developing a renminbi market in Switzerland. ($1 = 6.2112 Chinese yuan renminbi) (Reporting By Katharina Bart; Editing by Alison Williams)

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