The Central Bank signed a standing swap agreement with the Monetary Authority of Macao and expanded the scope.
The scale of the swap has been increased from the original 30 billion yuan/34 billion Macau patacas to 50 billion yuan/57 billion Macau patacas in order to further maintain financial stability in both regions, better support bilateral economic and trade exchanges, and promote the stable development of Macau's offshore renminbi market.
Approved by the State Council, the People's Bank of China and the Monetary Authority of Macao recently renewed their bilateral currency swap agreement and upgraded it to a standing swap arrangement, with the agreement being long-term effective. The swap size has been increased from the original 30 billion RMB/34 billion Macau Patacas to 50 billion RMB/57 billion Macau Patacas, in order to further maintain financial stability in both regions, better support bilateral economic and trade exchanges, and promote the steady development of the offshore RMB market in Macao.
This article is excerpted from the official website of the People's Bank of China, edited by GMTEight: Feng Qiuyi.
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