On 20 January 2009, the People's Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) signed a currency swap agreement which enables short-term liquidity support to be provided to the Mainland operations of Hong Kong banks and the Hong Kong operations of Mainland banks in case of need.

The aim of the monetary co-operation between the PBOC and the HKMA is to bolster confidence in Hong Kong's financial stability, and also to promote financial stability in the region and the development of renminbi-denominated trade transactions between Hong Kong and the Mainland. The currency swap agreement has a term of three years, which can be extended upon agreement by both parties and can provide liquidity support up to RMB200 billion/HK$227 billion.