The People's Bank of China (PBC), the central bank, said Wednesday it has signed a currency swap agreement with the National Bank of the Republic of Belarus.

The agreement allows the two banks to swap 20 billion yuan (US$2.9 billion) or 8 trillion Belarus Ruble in three years, which could extend if both sides agreed, the central bank said in a notice on its Web site.

The arrangement aimed to promote bilateral trade and investment to boost the economic development of the two countries, it said.

The PBC has signed bilateral currency swap agreements with Malaysia and China's Hong Kong Special Administrative Region in the past two months this year, totaling 280 billion yuan.

(Xinhua News Agency March 11, 2009)