China, Argentina renew currency swap deal

BEIJING, June 9 (Xinhua) -- China's central bank on Friday said that it has renewed a bilateral currency swap agreement with the Central Bank of Argentina.

The deal has a scale of 130 billion yuan (about 18.28 billion U.S. dollars), or 4.5 trillion Argentine peso. It will be valid for three years, according to the People's Bank of China.

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