Currency, technology agreements inked with Malaysia

China and Malaysia signed several cooperative agreements including a currency deal on Monday, while Premier Li Keqiang and his visiting Malaysian counterpart, Prime Minister Mahathir Mohamad, looked on.

A currency swap - the exchange of principal and interest in one currency for the same in another - of 180 billion yuan ($26 billion) will be valid for three years and can be extended with both sides' permission, said the People's Bank of China, the central bank. Other agreements covered agricultural products such as palm oil fuel research and technological cooperation.

China is ready to better align the Belt and Road Initiative with Malaysia's development strategies, promote cooperation in industrial parks and strengthen ties in investment, agriculture and transportation, said Li in a meeting with the 93-year-old Mahathir in Beijing.