Approved by the State Council, the People's Bank of China signed an agreement with the Bank of Malaysia on 8 February 2012 to renew the bilateral local currency swap arrangement and to increase its size from 80 billion yuan/MYR40 billion to 180 billion yuan/MYR90 billion. The effective period of the renewed arrangement will be 3 years, and could be extended by agreement between the two sides. The existing bilateral local currency swap arrangement, signed on February 8, 2009, expires on the day of the signing of the renewed arrangement.

The two sides believe that this renewed arrangement will help promote investment and trade between the two countries and safeguard regional financial stability.