China and Canada renew bilateral currency swap agreement for five years

BEIJING, Jan 16 (Reuters) - China's central bank has renewed a bilateral currency swap agreement with the Bank of Canada for another five years, with a size of 200 billion yuan ($28.70 billion), the People's Bank of China said on Friday.

"The renewal will help strengthen financial cooperation between the two countries and expand the use of local currencies and facilitate bilateral trade and investment," the Chinese central bank's statement said.

($1 = 6.9693 Chinese yuan renminbi)