China and Singapore renew currency swap

The People's Bank of China, the country's central bank, has renewed a currency swap arrangement with the Monetary Authority of Singapore worth 300 billion yuan ($44.46 billion) or 65 billion Singapore dollars.

The renewed bilateral currency swap, with a term of five years, will help deepen financial cooperation between the two economies, facilitate bilateral trade and investment and maintain financial market stability, the PBOC said in a statement on Thursday.