Following the example of other large, closed economies, China has chosen a more flexible exchange rate arrangement in recent years, and concluded FX swap agreements with foreign central banks with a view to supporting the internationalisation of the renminbi. At present, the Chinese exchange rate regime is a so-called “crawling- like” exchange rate arrangement, where the band was gradually widened to +/– 2 per cent, allowing for a 20 per cent appreciation of the exchange rate since October 2008. Besides the conversion to a more flexible exchange rate regime, regulations on foreign exchange management have been also eased, which improved the liquidity of renminbi markets outside of China (“offshore” markets) significantly. China established swap-line agreements with several central banks to stimulate international trade and support financial stability goals. The number of counterparties participating in Chinese swap-line agreements has increased to nearly 30 in recent years. Besides the Central Bank of Hungary (MNB), China’s European partners include, among others, the Bank of England, the European Central Bank and the Swiss National Bank.