PBOC and Macao monetary authority renew currency swap

The People's Bank of China and the Monetary Authority of Macao have renewed their bilateral currency swap agreement for another three years.

Under the arrangement, the PBOC and the AMCM can exchange local currencies with each other of up to 30 billion yuan ($4.3 billion) or 34 billion patacas, the PBOC said in a statement on Monday.

The renewed agreement is aimed at maintaining financial stability and supporting economic and financial development of the Chinese mainland and Macao, the statement said.