Central Banks of China, Singapore Agree to 150 Billion Yuan Currency Swap
China agreed to a three-year currency swap with Singapore valued at 150 billion yuan ($22 billion), or S$30 billion, the People’s Bank of China announced on its website today.
The swap, which may be extended, aims to facilitate trade and investment between the two nations, the statement said.
China, which had the world’s largest currency reserves of $2.5 trillion as of June, is seeking to expand the use of yuan as a global currency and reduce reliance on the dollar. The central bank has signed at least 650 billion yuan of swap agreements with Argentina, Indonesia, Belarus, Malaysia, Hong Kong and Korea since December 2008.