BEIJING -- The People's Bank of China, the country's central bank, has renewed a bilateral currency swap agreement with the Bank of Korea, the central bank of the Republic of Korea.

The value of the swap is 400 billion yuan ($56.44 billion), or 70 trillion Korean won, the PBOC said in a statement on Monday.

The agreement is valid for five years and can be renewed upon mutual consent, per the statement.

The renewal of the currency swap agreement will further deepen bilateral monetary and financial cooperation, facilitate trade between the two countries, and support the stability of financial markets, according to the statement.