China, Singapore Sign Currency Swap Pact

By staff reporter Huo Kan

(Beijing) – Singapore has become the latest addition to the list of countries to sign currency swap agreements with China. China's central bank and Monetary Authority of Singapore recently signed a three-year swap agreement valued at 150 billion yuan.

The eighth of its kind since December 2008, the swap agreement aims to facilitate trade and direct investment between the two Asian nations. The agreement can be extended upon the mutual agreement of the two sides, according to a statement on the People's Bank of China's website.

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