Singapore and mainland China have renewed bilateral currency-swap arrangement for a further term of five years to 2027. This paved the way for the central banks of the two countries to access liquidity in each other’s currencies. Access to liquidity will support the financing of trade and investment, as well as stabilise financial markets. The Monetary Authority of Singapore (MAS) has announced that under the arrangement, a maximum of RMB300bn and SGD65bn in liquidity will be available to financial institutions operating in Singapore and China, respectively. MAS added that the arrangement has been a key pillar of cooperation between the MAS and the People’s Bank of China since 2010, and helps strengthen regional economic resilience and financial stability.
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