REPUBLIKA.CO.ID, JAKARTA -- Bank Indonesia (BI) and People's Bank of China (PBC) have renewed their bilateral currency swap arrangement (BCSA). Extension at the same time increase in the value of the agreement was signed by BI Governor Perry Warjiyo and Governor of PBC Yi Gang on Friday Nov. 16, Director of Communications of Bank Indonesia Junanto Herdiawan said in a press release here on Monday.

Governor of BI Perry Warjiyo was quoted saying in the press statement that the agreement reflected the strengthening of monetary and financial cooperation between the two central banks. It also reflected commitment of two central banks to maintain financial stability amid protracted uncertainty in global financial market.

BI and PBC agreed to increase the value of BCSA from 100 billion yuan or US$15 billion to 200 billion yuan or US$30 billion.

The renewed agreement is effective for three years and could be extended on mutual approval.

The agreement also indicates the strength of financial cooperation between Indonesia and China.

The Governor of BI expressed confidence its cooperation with central banks of other countries could strengthen the market confidence in Indonesia's economic fundamentals.

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