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The People’s Bank of China (PBOC) and the Monetary Authority of Singapore (MAS)  said in a joint statement on Monday, China and Singapore have renewed a bilateral currency swap agreement worth 300 billion Yuan ($43.98 billion) for three years.

Key Points:

“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.

To stabilize financial markets.”