The People’s Bank of China and the Monetary Authority of Singapore
Announce Bilateral Currency Swap

Beijing/Singapore, 23 July 2010…The People’s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) today announced the establishment of a bilateral currency swap arrangement for the purpose of promoting bilateral trade and direct investment for economic development of the two countries.  The announcement was made at the 7th Joint Council for Bilateral Cooperation (JCBC) Meeting between China and Singapore held in Beijing.

The bilateral currency swap arrangement is a key pillar of co-operation between the PBC and the MAS to strengthen regional economic resilience and financial stability. The bilateral currency swap arrangement will provide Chinese Yuan liquidity of up to CNY150 billion and Singapore dollar liquidity of up to S$30 billion.  The effective period of the arrangement will be three years and can be extended by agreement between the two sides.

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