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

The total value of the agreement is 400 billion yuan (about 55.79 billion U.S. dollars), or 878 trillion Indonesian rupiah, the PBOC said in a statement on its website.

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

The currency swap arrangement will strengthen financial cooperation between China and Indonesia, promote and facilitate bilateral trade and investment, and safeguard the stability of the financial markets, the statement added.