Beijing: The People's Bank of China (PBOC), China's central bank, has renewed its bilateral currency swap agreement with the Bank of Korea, which is the central bank of the Republic of Korea (ROK).

According to Namibia Press Agency, the agreement involves a swap value of 400 billion yuan, approximately equivalent to 56.44 billion U.S. dollars or 70 trillion Korean won. The PBOC announced this in a statement on Monday.

The renewed agreement will be effective for five years and includes the possibility of renewal upon mutual consent from both parties. The agreement aims to deepen bilateral monetary and financial cooperation, enhance trade between China and the Republic of Korea, and support financial market stability.