S.Korea, China extend currency swap deal

From NHK

South Korea says it has agreed to extend a currency swap agreement with China.

The Bank of Korea said on Friday that the 2 sides will extend the deal for another 3 years. This will allow them to swap up to 56 billion dollars in the event of a financial crisis.

The 9-year agreement expired on Tuesday after being extended twice.

There was speculation that the deal might not be extended. Bilateral ties have chilled over China's opposition to the deployment of an advanced US missile defense system in South Korea.

It's not clear if the extension of the agreement will help to improve relations.

South Korea's currency swap deal with Japan expired in 2015 due to worsening bilateral ties.
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abc

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