Renewal of bilateral local currency swap agreement between China and Singapore

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      The People's Bank of China said Monday that it renewed its bilateral currency swap agreement with the Singapore Monetary Authority, with a scale of 300 billion yuan/61 billion Po yuan. The agreement is valid for three years and can be renewed by mutual agreement.
A press release published on the central bank's website pointed out that the move was aimed at promoting bilateral trade and investment to develop the economies of the two countries and providing short-term liquidity for the market to stabilize the financial market.


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