BEIJING, Jan. 22 -- The People's Bank of China (PBOC), the country's central bank, has renewed a bilateral currency swap agreement with the Central Bank of Sri Lanka.

The total value of the agreement is 10 billion yuan (about 1.39 billion U.S. dollars), or 410 billion Sri Lankan rupees, the PBOC said in a statement on its website.

The agreement is valid for three years and can be renewed upon mutual consent, according to the statement.

The currency swap arrangement will strengthen financial cooperation between China and Sri Lanka, expand the use of these two currencies, and promote and facilitate bilateral trade and investment, the statement added.