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China currency swap deals surpass 3 trln yuan

Xinhua, June 11, 2015 Adjust font size:

The value of currency swap deals that China has reached with other countries has surpassed 3 trillion yuan (483 billion U.S. dollars), highlighting the internationalization of the yuan, or RMB.

The People's Bank of China (PBOC), the central bank, had reached swap deals with 32 countries and regions as of the end of May, with their total value hitting 3.1 trillion yuan, the PBOC said on Thursday.

The number of offshore RMB banks is surging, with official RMB clearing banks now appointed in 15 countries in southeast Asia, western Europe, the Middle East, and America.

PBOC authorities believe the China-proposed Belt and Road initiatives will create more demand for the yuan overseas.

China is now the world's second-largest economy and the largest exporter. Foreign direct investment in the Chinese mainland jumped 10.5 percent year on year in the first five months of 2015 to settle at 330.95 billion yuan. Endi