On December 23, 2011, authorized by the State Council, the People’s Bank of China signed with the State Bank of Pakistan a bilateral local currency swap agreement in Islamabad , Pakistan , for the purpose of promoting bilateral financial cooperation, facilitating bilateral trade and investment, and maintaining regional financial stability. The amount of the agreement is 10 billion yuan or 140 billion Pakistan Rupee. The effective period of the arrangement will be 3 years, and could be extended by agreement between the two parties.