The Peoples Bank of China has partnered with the Monetary Authority of Singapore for a bilateral currency swap arrangement that will promote trade and investment between the two countries.

The enhanced arrangement, valid for three years, doubles the size of the swap facility agreed in 2010, giving eligible financial institutions operating in Singapore access to up to RMB300 billion ($48 billion) in RMB liquidity. Up to RMB60 billion ($9.6 billion) in Singapore dollar liquidity will also be available to eligible financial institutions based in China. 

The deal, signed 7 March 2013, replaces a previous agreement signed in 23 July 2010, which is set to expire this year.