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South Korea, Australia Ink US$ 4.5 Billion Currency Swap Agreement

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The Bank of Korea and Reserve Bank of Australia struck a bilateral local currency swap agreement on Sunday. The deal, which is effective for three years unless extended through mutual consent, allows the exchange of up to 5 trillion won for 5 billion Australian dollars (US$ 4.5 billion).

“The agreement will ensure that trade between the two countries can continue to be settled in local currency even in times of financial stress,” the central banks said in a joint press release later that day. “The agreement can also be used for other, mutually agreed purposes.”

The central bank governors, Kim Choong-soo and Glenn Stevens, signed the agreement in Sydney while attending the G20 summit. Bilateral trade between the two countries in 2013 totaled around US$ 30 billion, ranking Australia the seventh largest trading partner for South Korea and South Korea as Australia’s fourth largest.

South Korea, trying to dampen the effects of volatile foreign capital flows, has penned similar currency swap accords, weighing in at about US$ 120 billion, with other countries in the past, including a multilateral arrangement for US$ 56 billion with China and US$ 10 billion with Japan. Additionally, South Korea has deals with United Arab Emirates, Indonesia, and Malaysia for US$ 5.4 billion, US$ 10 billion, and US$ 4.7 billion, respectively.

MAS Seeks to Commit $5 Billion to Private Equity and Infrastructure Managers

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From U.S. pension funds to asset-heavy sovereign wealth funds, Singapore is calculating that more institutional investor assets globally are being committed to the Asia region. The Monetary Authority of Singapore (MAS), Singapore’s central bank, signaled and planned to commit US$ 5 billion with locally-based fund managers who will invest in private enterprises and infrastructure projects. The beneficiaries of the mandates will be private equity and infrastructure fund managers. MAS is seeking to lure top global asset managers to Singapore and firms that have a significant footprint in Singapore could be eligible for the funds. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Ivanhoe Cambridge Acquires Cap Ampere Campus from Natixis

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In one of the largest transactions in the French office sector, Ivanhoé Cambridge, real estate subsidiary of Caisse de dépôt et placement du Québec (CDPQ), has acquired a 90,000 square meter office-building campus from Natixis, in the Greater Paris area of Saint-Denis Pleyel. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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GIC Supports CapitaLand Shanghai Investment on Haimen Road

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GIC Private Limited, Singapore’s sovereign wealth fund, has entered into a 50:50 joint venture with Raffles City China Investment Partners III (RCCIP III), a fund controlled by CapitaLand. The joint venture is acquiring Shanghai’s tallest twin towers for an aggregate consideration of RMB 12.8 billion (US$ 1.84 billion). The property is located in Shanghai’s core Central Business District.

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