The People’s Bank of China (PBOC), China’s central bank, said Tuesday that upon approval by the State Council, it renewed a currency swap agreement for another three years with its Mongolian counterpart, the Bank of Mongolia.

The value of the currency swap totaled CHY 15 billion (about USD 2.1 billion), or  MNT 7.25 trillion, a statement released by the PBOC said.

The renewal of the agreement will help further deepen financial cooperation between the two countries, promote bilateral economic and trade exchanges, and maintain the stability of the financial market, the statement added.