According to the central bank's website, with the approval of the State Council, the People's Bank of China and the Bank of Canada (the Bank of Canada) recently renewed a bilateral local currency swap agreement with a swap scale of 200 billion yuan. The agreement is valid for five years and can be extended with the consent of both parties.

The renewal of the bilateral local currency swap agreement between China and Canada will help strengthen financial cooperation between the two countries, expand the use of local currencies between China and Canada, promote bilateral trade and investment facilitation, and maintain financial stability.