China's central bank said on Monday that it has renewed an agreement on a reciprocal currency swap scheme with the Bank of England.

The maximum value of the swap was set at 350 billion yuan (around 50 billion U.S. dollars) to 40 billion pounds, valid for three years and can be further extended, according to a statement by the People's Bank of China (PBOC).

The PBOC said the deal aims to safeguard domestic financial stability.

The two sides signed the previous agreement in 2015.