Internationalization of the renminbi Current Affairs, GK & News

Renminbi Liquidity Arrangement

On June 25, 2022 the central bank of China inked an agreement with the Bank for International Settlements (BIS), for establishing a Renminbi Liquidity Arrangement (RMBLA). About Renminbi Liquidity Arrangement The Renminbi Liquidity Arrangement will provide support to participating central banks during market fluctuations. It could be used in periods of market volatility in future, In ..

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SBI becomes first Indian bank to link up with China’s National Advance Payment System

The State Bank of India’s (SBI) Shanghai branch has become the first Indian bank to link up with China’s National Advance Payment System (CNAPS). After being a member of the CNAPS, SBI Shanghai can also offer real time transfer of local funds within China by routing them through the PBOC. It eliminates the need of ..

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India signs $75 bn currency swap agreement with Japan

The Government of India (GoI) has recently signed $75 bn bilateral currency swap agreement with Japan to bring greater stability in foreign exchange and capital markets in the country. The currency swap pact would enable the two major Asian economies to swap their local currencies – either Indian rupee or the Japanese yen against the ..

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