BEIJING — The People's Bank of China (PBOC), the central bank, extended a bilateral currency swap deal with the European Central Bank (ECB) in the amount of 350 billion yuan, or 45 billion euros.

The agreement will be valid for a three-year period and can be extended on mutual consent.

The currency swap extension will help stabilize the financial market and facilitate trade and investment, said the PBOC.

The two sides last agreed on a 350 billion-yuan currency swap deal extension in September 2016.