The agreement enables yuan and Swiss francs to be purchased and repurchased between the
The SNB obtained a yuan investment quota, which it could invest a part of its foreign exchange reserves in the Chinese bond market.
The SNB flagged its ambition to build an offshore yuan hub saying that the swap agreement is a key prerequisite for the development of the yuan market in
The swap is a tool to provide liquidity support for bilateral economic and trade exchanges and help maintain financial stability.
Its position as the world's biggest trading hub for bankers, gives it a strong edge in its competition with
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