The People's Bank of China and the Bank of Korea renew bilateral currency swap agreement.

According to a message from the People's Bank of China on November 3, with the approval of the State Council, the People's Bank of China has recently renewed a bilateral currency swap agreement with the Bank of Korea. The swap size is 400 billion yuan/70 trillion Korean won, and the agreement is valid for five years, with the possibility of extension by mutual agreement. The renewal of the bilateral currency swap agreement between the two parties will further deepen the monetary and financial cooperation between the two countries, promote facilitation of bilateral trade, and maintain financial market stability. This article is selected from the People's Bank of China, edited by GMTEight: Chen Wenfang.