BEIJING — The People’s Bank of China (PBOC) inked a currency swap agreement worth 22 billion yuan ($3.6 billion) with Chile’s central bank on May 25.

The deal will last for three years and can be extended if both sides agree, the PBOC said in a statement on its website.

The two central banks also signed a memorandum on the establishment of an RMB clearance arrangement in Chile.

China will grant a quota of 50 billion yuan to RMB qualified foreign institutional investors (RQFII) in the Latin American country.

“These documents mark a new step in the China-Chile financial cooperation and will facilitate the cross-border use of RMB, two-way trade and investment,” said the PBOC statement.