Singapore, China renew bilateral currency swap agreement for 3 years

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The central banks of Singapore and China said on Monday that both the countries have renewed a bilateral currency swap agreement worth 300 billion yuan ($43.98 billion) for three years.

The Monetary Authority of Singapore (MAS) stated that as per the arrangement, the MAS and the People's Bank of China are allowed to access foreign currency liquidity to support trade and investment financing requirements, which includes projects under the Belt and Road Initiative, as well as to stabilise financial markets.

The agreement could be extended again, China's central bank said, without giving further details.

The original arrangement between the two central banks was established in 2010. It was renewed in 2013 and 2016.

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