Singapore, 15 March 2016…The People’s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) today announced the renewal of the existing bilateral currency swap arrangement (BCSA) for a further term of three years. The original arrangement was established in 2010 and first renewed in 2013. The new arrangement is effective as of 7 March 2016.

The BCSA is a key pillar of co-operation between PBC and MAS to strengthen regional economic resilience and financial stability. It aims to enhance banks’ confidence in carrying out their business in the two markets, and enables both central banks to provide foreign currency liquidity to stabilise financial markets. Under the arrangement, up to CNY300 billion in Chinese Yuan liquidity will be available to eligible financial institutions operating in Singapore. The renewed BCSA will also supplement the various initiatives announced at the 12th Joint Council for Bilateral Cooperation in October 2015 and the State Visit to Singapore by the President of the People’s Republic of China, Mr Xi Jinping, in November 2015.

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