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• CURRENCY AND PAYMENT SYSTEM

PBC-MAS Bilateral Swap Facility

In July 2010, MAS established a bilateral currency swap arrangement with the People's Bank of China (PBC) which will provide Chinese Yuan liquidity of up to CNY 150 billion and S$ liquidity of up to S$30 billion. The swap is intended to promote bilateral trade and direct investment for economic development of the two countries by strengthening the trade and investment linkages and, in particular, improving the availability of financing facilities for firms based in Singapore and the region that import from and invest in China.