China and Singapore renewed bilateral currency swap agreement

Vastavam web: China and Singapore have renewed a bilateral currency swap agreement worth 300 billion yuan ($43.98 billion) for three years, the central banks of the two countries said on Monday.

Under the arrangement, the People’s Bank of China and the Monetary Authority of Singapore (MAS) can access foreign currency liquidity to support trade and investment financing needs, including projects under the Belt and Road Initiative, and to stabilise financial markets, the MAS said.

The agreement could be extended again, China’s central bank said, without giving further details.