The People's Bank of China (PBoC) and the Bank of England (BoE) said on Wednesday that they agreed to renew the existing reciprocal sterling/renminbi currency swap line for a further three years. The maximum value of the swap line was raised to 350 billion yuan from 200 billion yuan (this value has been agreed in June 2013).

"The renewal of this swap line and its increased size reflect the constructive approach that the Bank of England and the People's Bank of China are taking to support the development of an effective and resilient renminbi market in London," the BoE Governor Mark Carney said.