South Korea and China sign 70 trillion won currency swap…Strengthen cooperation in seven areas including economy and culture

South Korea and China signed a won-yuan currency swap agreement.

On the 1st, on the occasion of the summit held in Gyeongju, the two countries signed several memoranda of understanding (MOUs) in areas such as economy, culture, and crime response and agreed to strengthen cooperation.

On that day, a five-year, 70 trillion won (400 billion yuan) 'won-yuan currency swap agreement' was signed between the two central banks.

The presidential office said, "It is expected to contribute to the stability of the two countries' financial and foreign exchange markets and the promotion of trade."

They also signed an 'MOU on strengthening service trade exchanges and cooperation,' which supports establishing the institutional foundation for bilateral economic cooperation through substantive progress in Korea-China FTA (Free Trade Agreement) service and investment negotiations.

They signed separate MOUs on cooperation in the 'silver industry' and 'innovative start-ups,' aimed at promoting future-oriented cooperation that practically contributes to the livelihoods of the two countries' citizens, and also signed an 'MOU on plant quarantine requirements for exports to China' to facilitate exports of Korean agricultural products to China.

The two countries' police authorities also agreed on an 'MOU on cooperation for responding to voice phishing and online fraud crimes' to jointly respond to transnational scam crimes.

They also signed an 'MOU on the Korea-China Joint Economic Cooperation Plan (2026–2030),' which sets the long-term direction for promoting mutually beneficial cooperation between Korea and China.

Shin Yong-hyun, Hankyung.com reporter yonghyun@hankyung.com