OREANDA-NEWS. March 15, 2013. Authorized by the State Council, the People’s Bank of China signed a new bilateral currency swap arrangement with the Monetary Authority of Singapore.

The size of swap facility was doubled from RMB 150 billion yuan, or SGD 30 billion to RMB 300 billion yuan, or SGD 60 billion. The agreement will be effective for three years, and can be extended by mutual consent.

The swap arrangement signed by the two parties on July 23, 2010 expired upon the signature of the new arrangement.

The new bilateral currency swap agreement is signed to promote bilateral financial cooperation, facilitate bilateral trade and investment, and provide short-term liquidity support to maintain stability of the financial market.