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.

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.