BEIJING, Aug. 6 -- The People's Bank of China (PBOC), the country's central bank, said Thursday that it has renewed a bilateral currency swap agreement with the Central Bank of Argentina.

The swap amount is set at 130 billion yuan (about 19.1 billion U.S. dollars), equivalent to 28 trillion Argentine pesos, according to the PBOC.

The agreement runs for five years and is renewable by mutual consent, the PBOC noted.

The renewal of the bilateral currency swap agreement will help further deepen financial cooperation between the two countries, facilitate bilateral economic and trade exchanges, and safeguard financial market stability, the PBOC said.