Singapore, 13 May 2019…The People’s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) today announced the renewal of the Bilateral Currency Swap Arrangement (BCSA). The agreement will strengthen regional economic resilience and financial stability.
2 The BCSA is a key pillar of co-operation between PBC and MAS. Under the arrangement, PBC and MAS can access foreign currency liquidity to support trade and investment financing needs, including projects under the Belt and Road Initiative, and to stabilise financial markets. Up to CNY300 billion in Chinese Yuan liquidity will be available to eligible financial institutions operating in Singapore. This renewal will be for a period of three years. The original arrangement was established in 2010 and renewed in 2013 and 2016.
3 The BCSA renewal was signed by PBC Governor Yi Gang and MAS Managing Director Ravi Menon and was effective from 10 May 2019.