Recently, the people's Bank of China and the Bank of Korea (central bank) have renewed the bilateral local currency swap agreement. The swap scale has expanded from 360 billion yuan / 64 trillion won to 400 billion yuan / 70 trillion won. The agreement is valid for five years and can be extended upon mutual agreement.
The people's Bank of China said that the renewal of the bilateral local currency swap agreement between the central banks of China and South Korea will play a positive role in maintaining the stability of the financial market and expanding the use of local currency between China and South Korea, and at the same time, it will facilitate trade and investment.
