China and Turkey will renew a currency swap deal and expand its scale, according to a statement released by the Chinese central bank on Nov 16.

The scale of the three-year agreement will expand to 12 billion yuan ($1.88 billion) and will be extendable by mutual consent, the People’s Bank of China said in a statement.

The move is aimed at enhancing financial cooperation and promoting bilateral trade and investment, as well as ensuring regional financial stability, the statement said.

The two countries signed a 10-billion-yuan currency swap agreement in 2012.

To promote the international use of the yuan, China has signed currency swap agreements with 32 countries and regions.