MAS renews bilateral currency swap arrangement with People’s Bank of China
The arrangement will be renewed for five more years.
The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) renewed the Bilateral Currency Swap Arrangement (BCSA) for a further term of five years or until 2027.
The BCSA, which was first signed in 2010, has been a key pillar of cooperation between MAS and PBC and helps to strengthen regional economic resilience and financial stability. Under the arrangement, MAS and PBC can access liquidity in each other’s currencies to support the financing of trade and investment, and to stabilise financial markets.
Up to CN¥300b in Chinese Yuan liquidity and $65b in Singapore Dollar liquidity will be available to financial institutions operating in Singapore and China respectively.
The BCSA renewal was signed by MAS Managing Director Ravi Menon and PBC Governor
Yi Gang and was effective from 13 July 2022.