The central banks of China and Australia have renewed their bilateral local currency swap agreement.

```htmlWith the approval of the State Council, the People's Bank of China and the Reserve Bank of Australia have recently renewed their bilateral local currency swap agreement, increasing the swap size from 200 billion RMB/41 billion Australian dollars to 220 billion RMB/46 billion Australian dollars. The agreement is valid for five years and can be extended with mutual consent. The renewal and expansion of the bilateral local currency swap agreement will further deepen monetary and financial cooperation between the two countries, promote the facilitation of bilateral trade and investment, and help maintain financial market stability. (People's Bank of China)```