Singapore, China renew currency-swap arrangement for 5 years
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Tay Peck Gek
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SINGAPORE and mainland China’s bilateral currency-swap arrangement has been renewed for a further term of 5 years to 2027, paving the way for the central banks of the 2 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.
Under the arrangement, a maximum of 300 billion yuan (S$62.4 billion) and S$65 billion in liquidity will be available to financial institutions operating in Singapore and China respectively, the Monetary Authority of Singapore (MAS) announced on Thursday (Jul 14).
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, MAS added.
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