The People’s Bank of China (PBOC) and the Monetary Authority of Singapore (MAS) said in a joint statement, China and Singapore have renewed a bilateral currency swap agreement worth 300 billion Yuan ($43.98 billion) for three years the central banks of the two countries.

Under the arrangement, the People’s Bank of China and the Monetary Authority of Singapore (MAS) can access foreign currency liquidity to support trade and investment financing needs, including projects under the Belt and Road Initiative, and to stabilise financial markets, the MAS said.

The agreement could be extended again, China’s central bank said, without giving further details.

The original arrangement between the two central banks was established in 2010. It was renewed in 2013 and 2016.

($1 = 6.8217 Chinese yuan).