In July 2022, Singapore signed a Bilateral Currency Swap Arrangement with China, CNY 300 billion to SGD 65 billion. The exchange rate at the time was SGD 1 to CNY 4.82. However, July 2023 exchange rate stands at 5.38. (1/2)
How much Singapore has lost in this Bilateral Currency Swap Arrangement with China?
Monetary Authority of Singapore lost SGD 30.8 billion last year, mainly due to foreign currency assets. It is not clear how much of this loss is related to the BCSA with China. (2/2)