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Seoul, Beijing to extend currency swap deal to 2017
By Seo Jee-yeonPublished : Oct. 12, 2014 - 20:58
South Korea’s central bank said Saturday it has agreed with its Chinese counterpart to extend their maturing currency swap deal by three years to 2017.
In a meeting in Washington, Bank of Korea Gov. Lee Ju-yeol and People’s Bank of China Gov. Zhou Xiaochuan signed an agreement to extend the bilateral deal to Oct. 10, 2017, the central bank said in a statement. The accord was to expire this year.
In October 2011, the two central banks agreed to double their won-yuan swap to 64 trillion won ($60 billion), or 360 billion yuan, as part of efforts to secure foreign exchange liquidity and bolster economic ties.
The agreement, which can be further extended, will invigorate trade between the two countries and contribute in financial stability, the BOK said in the statement.
In a state visit to Beijing in June, South Korean President Park Geun-hye and her Chinese counterpart Xi Jinping had agreed to keep the currency swap deal valid for another three years. (Yonhap)
In a meeting in Washington, Bank of Korea Gov. Lee Ju-yeol and People’s Bank of China Gov. Zhou Xiaochuan signed an agreement to extend the bilateral deal to Oct. 10, 2017, the central bank said in a statement. The accord was to expire this year.
In October 2011, the two central banks agreed to double their won-yuan swap to 64 trillion won ($60 billion), or 360 billion yuan, as part of efforts to secure foreign exchange liquidity and bolster economic ties.
The agreement, which can be further extended, will invigorate trade between the two countries and contribute in financial stability, the BOK said in the statement.
In a state visit to Beijing in June, South Korean President Park Geun-hye and her Chinese counterpart Xi Jinping had agreed to keep the currency swap deal valid for another three years. (Yonhap)
