Summary
- It was reported that South Korea and China have signed a won-yuan currency swap agreement.
- It said the agreement is an extension of the 400 billion yuan currency swap agreement that expired last month.
- It was reported that the currency swap agreement could affect the financial market stability and investment environment in both countries.
South Korea and China have signed a won-yuan currency swap agreement.
The two countries signed the won-yuan currency swap agreement on the occasion of a summit between President Lee Jae-myung and Chinese President Xi Jinping held on the 1st in Gyeongju, North Gyeongsang Province.
The 400 billion yuan currency swap agreement the two countries concluded in 2020 expired on the 10th of last month. The two countries first concluded a currency swap in 2002 for 2 billion dollars, and it has since been extended with the term and scale gradually increasing. This agreement is also an extension of the currency swap agreement that expired on the 10th of last month.
Gyeongju=Han Jae-young reporter jyhan@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
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