The central banks of Australia and South Korea have renewed a currency swap agreement and lengthened its duration from three to five years.

The Reserve Bank of Australia and the Bank of Korea first signed the agreement in 2014. The institutions have renewed it every three years since then.

The new deal allows the two central banks to exchange their local currencies of up to A$12 billion (US$8.37 billion) or KRW 9.6 trillion (US$7.63 billion).

The agreement is aimed at promoting bilateral