News Snapshot:
The People’s Bank of China (PBC), the central bank of the country, has signed an agreement with the Bank for International Settlements to create a Renminbi Liquidity Arrangement (RMBLA). The new arrangement is aimed at providing liquidity support to participating central banks through a reserve pooling scheme during volatile market conditions. Initially, a group of central banks in Asia and the Pacific are participating in the liquidity arrangement. Other than the People’s Bank of China (PBC), participating members include Bank Indonesia, Central Bank of Malaysia, the Hong Kong Monetary Authority, the Monetary Authority of Singapore and the Central Bank of...
