South Korea and China signed an agreement on November 1 to renew their 70 trillion won currency swap deal for another five years during a summit in Gyeongju. The deal, between the central banks of both nations, follows the expiration of the previous agreement last month. They also inked six other memorandums of understanding to boost cooperation in trade, startups, and crime prevention.
During the Asia-Pacific Economic Cooperation (APEC) summit in Gyeongju, South Korean President Lee Jae Myung and Chinese President Xi Jinping held talks on November 1. On the sidelines, the central banks of both countries signed a renewal of the Korean won-Chinese yuan currency swap agreement worth 70 trillion won (US$48.9 billion) for five years. The previous deal, of the same value and term, had expired last month.
The presidential office stated, "The currency swap deal is expected to help stabilize financial and foreign exchange markets and promote trade between the two nations." Accompanying this were six other memorandums of understanding (MOUs). An MOU on strengthening exchanges and cooperation in trade and services will lay the institutional foundation for progress in 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 ties.
Additional agreements cover the joint promotion of a startup partnership program, bilateral cooperation to combat voice phishing and online scam crimes between police forces, and phytosanitary requirements for exporting fresh Korean persimmons to China. These pacts aim to broaden practical cooperation across various sectors.
