China, Iceland renew currency swap agreement

BEIJING, Oct. 16 (Xinhua) -- The People's Bank of China (PBOC), the country's central bank, has renewed a bilateral currency swap agreement with the Central Bank of Iceland.

The agreement is worth 3.5 billion yuan (about 493.18 million U.S. dollars), or 70 billion Icelandic krona, the PBOC said in a statement.

The agreement is valid for five years, according to the statement.

The arrangement will s