Gordon G. Chang, author of The Coming Collapse of China, argued that China`s „excessively selfish“ monetary policy does not correspond well to other nations, and such efforts to loosen control of the renminbi are part of China`s trick to deflect international pressure.  On October 28, 2014, direct currency trading between the Singapore dollar and the renminbi (CNY/SGD) began.  The Singapore dollar has been added to the China Foreign Exchange Trade System (CFETS) platform, which has been offering financial transactions and transactions between the yuan and ten currencies since 28 October 2014.  On 21 July 2014, the People`s Bank of China and the Swiss National Bank signed a bilateral currency exchange agreement.  The People`s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) have renewed the bilateral swap agreement for a further three-year period. Singapore, May 13, 2019… The People`s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) today announced the renewal of the Bilateral Currency Swap Agreement (BCSA). The agreement will strengthen regional economic resilience and financial stability. 2 BCSA is an important pillar of cooperation between PBC and MAS. As part of the agreement, PBC and MAS can access rehabilitation liquidity to support trade and investment financing needs, including under the Belt and Road initiative, and to stabilize financial markets. Up to CNY 300 billion of Chinese yuan liquidity will be available to eligible financial institutions operating in Singapore. This extension will be valid for a period of three years.
The initial agreement was introduced in 2010 and renewed in 2013 and 2016. 3 The BCSA revival was signed by PBC Governor Yi Gang and delighted Menon, Managing Director of MAS, and came into effect on May 10, 2019. In September 2019, SAFE announced the abolition of the QFII (launched in 2002) and RQFII (since 2011) quotas. The RMB`s share as a global payment currency was #5 from August 2019, with a market share of 2.22% before the dollar (42.52%), eur (32.06%), GBP (6.21%) and JPY (3.61%)  BEIJING, May 13 (Xinhua) — The People`s Bank of China (PBOC), the central bank, said Monday that it has extended a currency swap agreement with its Singaporean counterpart, Singapore`s monetary authority. The new agreement was announced on Monday (May 13th) by the People`s Bank of China (PBC) and the Monetary Authority of Singapore (MAS). BEIJING (REUTERS) China and Singapore have extended a three-year bilateral currency swap agreement worth 300 billion yuan ($59.80 billion), according to projections by the two countries` central banks on Monday (13 May).