BEIJING — The central banks of China and Ukraine have renewed a bilateral local currency swap agreement, the People’s Bank of China (PBOC) said on Dec 10.

The agreement, worth 15 billion yuan, or 62 billion hryvnias (about $2.18 billion), will be valid for three years and can be extended upon mutual consent, according to the PBOC.

The move is aimed at facilitating bilateral trade and investment to boost the economic development of both countries, the PBOC said.

The swap deal was first agreed by the central banks of the two sides in 2012.