Beijing: The People's Bank of China (PBOC), China's central bank, has renewed bilateral currency swap agreements with the European Central Bank (ECB), the Swiss National Bank (SNB), and the National Bank of Hungary (MNB), respectively.

According to Oman News Agency, the size of the PBOC-ECB swap is 350 billion yuan (nearly $50 billion), or 45 billion euros, and is valid for three years, as stated in a PBOC announcement.

The deal with the Swiss National Bank is set at 150 billion yuan, equivalent to 17 billion Swiss francs, and will last for five years. Similarly, the PBOC-MNB agreement is valid for five years with a swap size of 40 billion yuan, equating to 1.9 trillion Hungarian forints.

The renewal of these swap arrangements aims to further deepen monetary and financial cooperation, facilitate bilateral trade and investment between China and the relevant economies, and support the stability of financial markets, as noted in the statement.