Q. Which country’s central bank partnered with Bank for International Settlements (BIS) to establish a ‘Pooling Scheme’?
Answer:
China
Notes: China’s central bank has signed an agreement with Switzerland based Bank for International Settlements (BIS) to establish a yuan pooling scheme to counter the dominance of the U.S. dollar.
The arrangement aims to provide liquidity support for participating central banks during market volatility by creating a reserve pool. The Renminbi Liquidity Arrangement initially includes the PBOC and the central banks of Indonesia, Malaysia, Hong Kong, Singapore and Chile.