China renews currency swap deals with ECB, SNB, and Hungary

The People’s Bank of China has renewed bilateral currency swap agreements with the European Central Bank, the Swiss National Bank, and the National Bank of Hungary.

The PBoC-ECB swap totals CNY 350 billion (EUR 45 billion) and is valid for three years.

The agreement with the SNB is worth CNY 150 billion (CHF 17 billion) and lasts five years, while the PBoC-MNB deal spans five years with a swap size of CNY 40 billion (HUF 1.9 trillion).

According to the PBoC, these renewals aim to “deepen monetary and financial cooperation, facilitate bilateral trade and investment,” and help maintain financial market stability.

The move underscores China’s ongoing efforts to strengthen cross-border liquidity ties and promote yuan internationalization through strategic partnerships with key European institutions.