China extends currency swap deal with Hungary

BEIJING - China's central bank extended a currency swap deal with its Hungarian counterpart on Monday in a bid to strengthen financial cooperation.

The agreement is worth 10 billion yuan ($1.5 billion) and will last for three years, the People's Bank of China (PBOC) said.

The move is aimed at facilitating bilateral trade and investment and helping maintain regional financial stability, the PBOC said.

The previous currency swap deal between the two central banks, also worth 10 billion yuan, was signed in 2013.

The new agreement can be further extended if both sides agree, according to the PBOC.