The People's Bank of China (PBOC), the country's central bank, has renewed a bilateral currency swap agreement with the Bank of Thailand.

The renewed deal, signed by PBOC Governor Pan Gongsheng and Governor of the Bank of Thailand Sethaput Suthiwartnarueput, covers 70 billion yuan (about 9.81 billion U.S. dollars) -- or 370 billion baht -- the PBOC said in a statement on its website on Monday.

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

The renewal of this arrangement will deepen monetary and financial cooperation between China and Thailand, facilitate bilateral trade and investment, and contribute to financial market stability, according to the PBOC.