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Korea, China Extend $56 Billion Currency Swap Deal

Korea, China Extend $56 Billion Currency Swap Deal”

The announcement was first shared by the Bank of Korea governor and the country's finance minister with South Korean reporters in Washington, D.C., where they were attending a meeting of Group of 20 finance ministers and central bankers.

The comments, made at the parliament, came as Seoul indicted last week that it was open to talks on amending the five-year-old bilateral deal, which U.S. President Donald Trump had threatened to terminate unless it was renegotiated.

Last month, Seoul deployed the four remaining launchers of the USA anti-missile system created to protect against mounting threats from Pyongyang. Market experts commented that the deal's extension will bring much economic benefit to both sides, and pundits expressed hopes that this may help thaw diplomatic tensions between the two over Korea's decision to install the USA anti-missile system THAAD.

The agreement douses speculation that negotiations had been bogged down by a dispute over the installment of a U.S. THAAD missile defense battery in South Korea. South Korean companies' businesses have suffered in China amid friction over South Korea's deployment of a USA anti-missile system known as THAAD.



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