china and singapore

China and Singapore extended currency swap agreement

The People’s Bank of China and the Monetary Policy Authority of Singapore on Monday signed an agreement on currency swap in the amount of 300 billion yuan / 61 billion Singapore dollars / in Beijing.

The People’s Bank of China announced the extension of a bilateral currency swap agreement with the Monetary Policy Authority of Singapore in order to stimulate bilateral trade and investment to develop the economies of the two countries and provide short-term liquidity to stabilize financial markets.

An agreement for a period of three years may be extended by mutual agreement.