BEIJING -- China's central bank said Thursday that it had renewed a bilateral currency swap agreement with the Monetary Authority of Singapore.

The deal has a size of 300 billion yuan (about $44.6 billion), or 65 billion Singapore dollars. It will be valid for five years, according to the People's Bank of China.

The PBOC said that the renewal would help deepen bilateral financial cooperation, facilitate trade and investment, and maintain the stability of the financial market.

A currency swap sees the two parties agree to exchange a certain amount of foreign currency at a pre-determined rate, protecting against fluctuations.