China's central bank said on Tuesday it has signed a bilateral currency swap agreement with the Central Bank of Oman.

The value of the agreement signed on Monday is 30 billion yuan (about 4.47 billion U.S. dollars), or 1.5 billion Omani rials, said the People's Bank of China (PBOC). The agreement is valid for five years.

The two central banks also signed a memorandum of understanding on strengthening cooperation in digital payments and central bank digital currencies, according to the PBOC.

The signing of the two agreements will help deepen monetary and financial cooperation between China and Oman, make cross-border digital payments more convenient, and maintain financial market stability, the PBOC said.