Singapore currency swap deal doubled to $48b

The People's Bank of China has signed an agreement with the Monetary Authority of Singapore to double the size of a currency-swap arrangement, the two sides said on Friday.

Originally agreed at 150 billion yuan in 2010, the swap has been increased to 300 billion yuan ($48.24 billion), or 60 billion Singapore dollars.

The arrangement will be effective for three years and could be further extended if both sides agree.