Reference News Network, November 3 report: According to Yonhap News Agency, on November 3, the Ministry of Planning and Budget of South Korea stated that the Bank of Korea (central bank) and the People's Bank of China renewed the bilateral currency swap agreement on October 1 this month, with a swap amount of 70 trillion won/400 billion yuan, and the agreement is valid for five years.
The report said that the South Korean government stated that the purpose of renewing the bilateral currency swap agreement is to promote bilateral trade, stabilize the financial market, and provide liquidity support to financial institutions operating in the other country. It expects that the renewed agreement will help promote trade between the two countries and ensure stability in the regional financial market.
According to another message from the website of the People's Bank of China on November 3, after approval by the State Council, the People's Bank of China and the Bank of Korea recently renewed the bilateral currency swap agreement, with a swap amount of 400 billion yuan/70 trillion won, and the agreement is valid for five years, and can be extended upon mutual agreement.
The message pointed out that the renewal of the bilateral currency swap agreement again helps further deepen the monetary and financial cooperation between the two countries, promote the facilitation of bilateral trade, and maintain the stability of the financial market.
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