China, Singapore Double Currency Swap Agreement to $48 Billion
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China and Singapore doubled a currency swap agreement to 300 billion yuan ($48.3 billion) after the city-state became the third offshore center for the Chinese currency last month.
Under the new arrangement, the funds will be available to eligible financial institutions in Singapore and those operating in China for a period of three years, the central banks said in a statement yesterday. China was the republic’s third-largest trading partner after Malaysia and Europe in 2012.