On September 16, 2008, two days after the collapse of Lehman Brothers, the Federal Open Market Committee (FOMC) gave the Foreign Exchange Subcommittee the power to „enter into swap agreements with foreign central banks if necessary to deal with pressures on money markets in other courts.” This allowed the subcommittee to extend swap lines to other central banks and expand the size of existing swap lines without the entire FOMC having to vote on them. The oral agreement was that the subcommittee would have the power to extend swap lines to the central banks of the Group of Ten (G10), but that swaps, beyond this group, would require the approval of the entire FOMC. Two days after granting this power to the subcommittee, the Fed expanded swap lines with the ECB and SNB and expanded three new swap lines in Canada, the United Kingdom and Japan. On 24 September 2008, other swap lines were extended to Australia, Denmark, Norway and Sweden. On 28 October 2008, a change line to New Zealand was extended. In addition, the currency exchange agreement between China and Europe may depend on a balance of investment. Both countries can benefit from a currency depending on the amount they wish to invest. If Chinese companies want to invest twice as much as European companies, it would be more advantageous for Europe. Since the late 2000s, the People`s Republic of China (PRC) has been trying to internationalize its official currency, the renminbi (RMB). RMB`s internationalization accelerated in 2009, when China established the Dim Sum bond market and expanded the cross-border Trade RMB Settlement pilot project, which contributes to the establishment of RMB`s offshore liquidity pools.   In 2013, the RMB was the 8th most traded currency in the world and the 7th most traded currency at the beginning of 2014. At the end of 2014, according to the SWIFT report, RMB occupied the 5th place as the most traded currency with 2.2% of SWIFT payment behind JPY (2.7%), GBP (7.9%), EUR (28.3%) and USD (44.6%). In February 2015, RMB became the second most used currency for trade and services and reached the ninth position in foreign exchange trade.
RMB Foreign Institutional Investor `RQFII` (RQFII) quotas have also been extended to five other countries: the United Kingdom (extended on 15 October 2013), Singapore (22 October 2013), France (20 June 2014), Korea (18 July 2014), Germany (18 July 2014) and Canada (8 June 2014). November 2014), with quotas of 80 billion yen, with the exception of Canada and Singapore (50 billion yen). Previously, only Hong Kong was allowed, with a quota of 270 billion yen. Since the 2007 financial crisis, central banks around the world have concluded a large number of bilateral currency exchange agreements. These agreements allow a central bank of a country to exchange the currency, usually its national currency, for a certain amount of foreign currency. The beneficiary central bank can then lend this currency to its national banks on its own terms and at its own risk. Swaps involving the U.S. Federal Reserve have been the main cross-border policy response to the crisis and have helped mitigate the potentially devastating funding problems of the dollar for non-U.S. companies. Banks. Over the past 10 years, China has entered BSAs with 35 amazing countries – 21 more than the US with the second largest number of currency swap partners with 14.
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