BEIJING - The People's Bank of China (PBOC), China's central bank, has renewed a bilateral currency swap agreement with the Reserve Bank of New Zealand.

The value of the renewed deal is 25 billion yuan (about $3.52 billion), the PBOC said in a statement on its website on Thursday.

The arrangement is valid for five years and can be renewed upon mutual consent, said the statement.

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The renewal of this arrangement will deepen monetary and financial cooperation between the two countries, facilitate bilateral trade and investment, and contribute to financial market stability, according to the PBOC.