BEIJING, Jan. 16 -- The People's Bank of China (PBOC), the country's central bank, has renewed a bilateral currency swap agreement with the Bank of Canada, the central bank of Canada.

The value of the swap is 200 billion yuan (about 28.5 billion U.S. dollars), the PBOC said in a statement on Friday.

The agreement is valid for five years and can be renewed upon mutual consent, per the statement.

The renewal of the currency swap agreement will help enhance financial cooperation between the two countries, expand the use of local currencies between China and Canada, facilitate bilateral trade and investment, and maintain financial stability.