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Updated Saturday, July 24, 2010 11:46 pm TWN, AFP

China and Singapore central banks sign bilateral currency swap deal

SINGAPORE -- The central banks of Singapore and China have signed a bilateral currency swap agreement likely to boost the internationalisation of the yuan, a press statement said Friday. “The People's Bank of China (PBC) and the Monetary Authority of Singapore (MAS) today announced the establishment of a bilateral currency swap arrangement,” said a MAS statement issued after a meeting in Beijing.

Financial institutions in Singapore and their customers will be provided with Chinese yuan financing for trade and direct investment through the swap, MAS stated.

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