china and singapore

China and Singapore extended currency swap agreement

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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.

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