BEIJING, Nov 28 (Reuters) - China and the United Arab Emirates on Tuesday renewed its local currency swap agreement for a period of five years, amounting to 35 billion yuan ($4.89 billion)/UAE dirham 18 billion, according to a statement from the People's Bank of China. ($1 = 7.1530 Chinese yuan renminbi) (Reporting by Liangping Gao and Ryan Woo; Editing by Louise Heavens)