The People's Bank of China and the Bank of Korea renew bilateral currency swap agreement.

Approved by the State Council, China and South Korea recently renewed their bilateral currency swap agreement. The swap size is 400 billion RMB/70 trillion Korean won, and the agreement is valid for five years with the possibility of extension by mutual agreement. The renewal of the bilateral currency swap agreement between the two sides will further deepen bilateral currency and financial cooperation, promote trade facilitation, and maintain financial market stability.