Gyeongju: South Korea and China have signed an agreement to renew their currency swap deal valued at 70 trillion won (US$48.9 billion) for an additional five years, as announced by the presidential office.
According to Yonhap News Agency, the agreement was signed between the central banks of both nations during the summit between South Korean President Lee Jae Myung and Chinese President Xi Jinping in Gyeongju. This renewal follows the expiration of the previous Korean won-Chinese yuan swap agreement, which had the same terms and duration.
The presidential office released a statement highlighting that the currency swap deal is expected to stabilize financial and foreign exchange markets and foster trade between the two countries. Alongside this agreement, South Korea and China also signed six other memorandums of understanding (MOUs).
One of the MOUs aims at strengthening exchanges in services and trade, which the office stated would lay the foundation for economic cooperation through substantive progress in the Korea-China free trade agreement negotiations on services and investment. Another MOU outlines a joint economic cooperation plan for 2026-2030, setting a long-term direction for mutually beneficial cooperation.
Additional agreements included initiatives to combat voice phishing and online scam crimes, the promotion of a startup partnership program, and setting phytosanitary requirements for the export of fresh Korean persimmons to China.