China, Macao upgrade currency swap to long-term standing swap deal

SHANGHAI, Dec 6 (Reuters) - China's central bank has upgraded a bilateral currency swap agreement to a long-term standing swap deal with the Monetary Authority of Macao, the People's Bank of China said late on Friday.

The size of the deal will be expanded to 50 billion yuan ($7.1 billion) from 30 billion yuan, the PBOC also said.

The move would further safeguard financial stability for both sides, support bilateral trade and economic exchange, and "promote steady developments of the offshore renminbi market in Macao," the PBOC said in an online statement.

($1 = 7.0696 yuan)