PBoC launches renminbi reserve pool with BIS
Equivalent of $13.5 billion will be pooled by six central banks to withstand market volatility
China’s central bank will create a reserve pool with the Bank for International Settlements, along with five other central banks, to provide liquidity for participating economies in times of market stress.
The People’s Bank of China said on June 25 it signed an agreement to launch the new Renminbi Liquidity Arrangement (RMBLA) during the BIS annual meetings, held over the weekend.
Developed by the BIS and the PBoC, the new arrangement will allow participating central banks to obtain pooled
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