GYEONGJU, South Korea (Reuters) -China and South Korea signed a bilateral currency swap and other economic cooperation agreements on Saturday, as their leaders held summit talks in a bid to improve bilateral ties.
The won-yuan swap line of a maximum 70 trillion won ($49.24 billion) for 400 billion yuan will be in place for five years between the Bank of Korea and the People’s Bank of China, South Korea’s presidential office said.
It is the same amount as the last one that expired in October.
Beijing and South Korea also signed six memorandums of understanding in various areas, including economic cooperation, trade in services and agricultural exports.
Chinese President Xi Jinping, in a state visit to South Korea, held talks with South Korean President Lee Jae Myung on Saturday on the sidelines of the annual summit of the Asia-Pacific Economic Cooperation forum. It was Xi’s first visit to South Korea in 11 years.
South Korea in 2023 signed a three-year won-dollar currency swap line of $10 billion with Japan, which was seen as a political gesture amid improving ties.
($1 = 1,421.4800 won)
($1 = 7.1230 Chinese yuan renminbi)
(Reporting by Joyce Lee and Jihoon LeeEditing by Ed Davies)
