News Snapshot:
The Chinese central bank has entered an agreement with the Basel-based Bank for International Settlements (BIS) on participation in renminbi liquidity arrangement (RMBLA), in a move which is expected to further drive internationalisation of the Chinese yuan. The People’s Bank of China (PBOC) recently executed an agreement with BIS to participate in the RMBLA, which was designed by BIS with the goal of creating a pool of funds to provide liquidity support to participating central banks during financial market volatility. PBOC actively took part in the design of the RMBLA, with the first round of participating international banks including those...