The Monetary Authority of Singapore (MAS) and the People’s Bank of China (PBC) have announced the extension of the Bilateral Currency Swap Arrangement (BCSA) for another five years, until 2027.
Since 2010, the BCSA has been a key pillar of cooperation between MAS and PBC, helping to strengthen regional economic resilience and financial stability. Under the arrangement, MAS and PBC can access liquidity in each other’s currencies to support the financing of trade and investment, and to stabilise financial markets. Up to CNY300 billion in Chinese Yuan liquidity and SGD65 billion in Singapore Dollar liquidity will be available to financial institutions operating in Singapore and China respectively. The BCSA renewal was signed by MAS Managing Director Ravi Menon and PBC Governor Yi Gang and was effective from 13 July 2022.
