BEIJING — China's central bank on Nov 12 said that it has re-extended a bilateral currency swap scheme agreement with the Bank of England.

The deal has a scale of 350 billion yuan (about $54.63 billion), or 40 billion pounds. It will be valid for five years and can be further extended with mutual consent, according to a statement from the People's Bank of China (PBOC).

The PBOC said the extension would help deepen the monetary and financial cooperation between the two countries and safeguard financial stability.

A currency swap sees two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.