Singapore on Friday became the latest state to sign a bilateral currency swap with China in a bid to promote bilateral trade.
The Monetary Authority of Singapore and the People's Bank of China announced the move at an event to promote bilateral cooperation between the two economies in Beijing.
The arrangement will give Singapore access to up to Rmb150 billion ($22.1 billion) and China access to S$30 billion ($21.9 billion).
The arrangement lasts for three years and can be extended by agreement b
- A route to economic growth – The Belt and Road Initiative 2018 survey
- Policymakers should act now to prevent next crisis – IMF panellists
- The Bank of Italy’s approach to risk-based budgeting
- Dudley backs floor-based system for setting monetary policy
- Asian Infrastructure Investment Bank – Raising expectations