South Korea in talks with China on extending currency swap deal: BOK official, Banking & Finance

[SEOUL] South Korea is in talks with China on extending an existing bilateral currency swap agreement which is due to expire in October, a Bank of Korea official said on Wednesday. “In regards to the currency swap (with China), working level officials are in talks with China to discuss extending of the deal,” Lee Kang One, head of BOK’s financial cooperation team, said in a briefing in Seoul.

The briefing was held as central bank governors from South Korea, China, and Japan began their two-day meeting in the city of Songdo, west of Seoul.

Mr Lee said talks of currency swaps are not part of the official agenda, and declined to give details of the meeting.

A currency swap with China worth about US$56 billion is due to expire this October, which South Korea’s finance minister has publicly said should be extended.

REUTERS

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