The People's Bank of China (PBOC) announced on Sunday it has signed a bilateral currency swap agreement with Bank Negara Malaysia.

The agreement allows the two banks to swap 80 billion yuan/40 billion Ringgit in three years, and could be extended if mutually agreed, said the central bank.

The arrangement aimed to promote bilateral trade and investment to boost the economic development of the two countries, said the central bank.

(Xinhua News Agency February 9, 2009)