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On December 22, 2011, authorized by the State Council, the People’s Bank of China signed with the Bank of Thailand a bilateral local currency swap agreement in Bangkok , Thailand , for the purpose of promoting bilateral financial cooperation, facilitating bilateral trade and investment, and maintaining regional financial stability. The amount of the agreement is 70 billion yuan or 320 billion Thai Baht. The effective period of the arrangement will be 3 years, and could be extended by agreement between the two parties.