Approved by the State Council, the People’s Bank of China (PBOC) has renewed the bilateral currency swap agreement with the Monetary Authority of Macao (AMCM), upgrading it to a standing arrangement with indefinite validity. The swap facility has been expanded from RMB30 billion / MOP34 billion to RMB50 billion / MOP57 billion. The arrangement will further safeguard financial stability in both the Mainland and Macao, better support bilateral economic and trade ties, and promote the sound development of the offshore RMB market in Macao.