China’s central bank announced on Nov 3 that it has signed a currency swap deal worth 35 billion yuan (about 5.7 billion U.S. dollars) with the central bank of Qatar.

The three-year deal could be extended upon agreement by the two sides,said a statement on the website of the People’s Bank of China (PBOC).

Also on Nov 3, the two sides signed a memorandum of understanding on Renminbi clearing settlement in Doha. China agreed to extend the RMB Qualified Foreign Institutional Investor scheme to Qatar, with an initial quota of 30 billion yuan.

The deal marked a new step forward in financial cooperation between the two countries, and will facilitate bilateral trade and investment to help maintain regional financial stability, the statement said.

The Emir of Qatar, Sheikh Tamim Bin Hamad al-Thani, is currently on a state visit to China at the invitation of President Xi Jinping.