Largest deal outside Asia is big step toward yuan internationalization

China and the European Union signed a currency swap agreement to boost trade and financial stability in a move that also marks a landmark step for the yuan's internationalization.

The three-year swap line with a maximum value of 350 billion yuan ($57 billion) is the largest the People's Bank of China has signed with a foreign central bank outside of Asia, higher than the 200 billion yuan agreement with the Bank of England.