The People’s Bank of China (PBOC), China’s central bank, has signed a currency swap agreement worth 150 billion yuan ($24.4 billion) with the Russian central bank.

The agreement lasts for three years and can be extended if both sides agree, the PBOC said on Oct 13 in a statement on its website.

The deal, which aims to facilitate bilateral trade and investment, came as Premier Li Keqiang arrived in Moscow on Oct 12 for an official visit to Russia.