It was learned from the People's Bank of China that the People's Bank of China and the State Bank of Pakistan recently renewed a bilateral local currency swap agreement, with a swap scale of 30 billion yuan/1.180 billion Pakistan rupees. The agreement is valid for three years and can be extended with the consent of both parties. The People's Bank of China said that the renewal of the bilateral currency swap agreement between China and Pakistan will help strengthen financial cooperation between the two countries, expand the use of local currencies between China and Pakistan, and promote bilateral trade and investment facilitation.