MAS renews Bilateral Currency Swap deal with China

A maximum of CNY300b will be available to eligible Singapore firms.

The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have renewed its Bilateral Currency Swap Arrangement (BCSA) for a three-year period, an announcement revealed.

Under the deal, PBC and MAS can access foreign currency liquidity to support trade and investment financing needs, including projects under the Belt and Road Initiative.

Up to $6b (CNY300b) in Chinese Yuan liquidity will be available to eligible financial institutions operating in Singapore.

The original arrangement was established in 2010 and renewed in 2013 and 2016.

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