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South Korea and China renew US$57b currency swap

Business | Oct 13, 2017 22:05
South Korea and China have agreed to extend their currency swap deal, Seoul said today, easing concerns the deal would fall through due to tensions over a U.S. missile defense system.
They renewed the deal worth 64 trillion won or 360 billion yuan (US$57 billion) for another three years, Bank of Korea, South Korea’s central bank, and its finance ministry said.
The announcement was first shared by the Bank of Korea governor and the country’s finance minister with South Korean reporters in Washington, D.C., where they were attending a meeting of Group of 20 finance ministers and central bankers.
Currency swap deals allow countries to borrow money from other countries in their own currency, useful especially at a time of financial turmoil.
Bank of Korea said the deal extension will help stabilize financial markets and boost trade between the countries.-AP



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