South Korea, China establish currency swap deal

(Agencies)
Updated: 2008-12-12 15:25

SEOUL, South Korea -- South Korea's central bank says it has established a new currency swap agreement with the People's Bank of China.

A South Korean bank clerk works with bundles of foreign currencies at the head office of Korea Exchange Bank in downtown Seoul, South Korea, Friday, Dec. 12, 2008. South Korea's central bank says it has established a new currency swap agreement with the People's Bank of China. [Agencies]

South Korea has moved to expand its access to foreign exchange sources as international credit markets have tightened amid the global financial crisis. The country's banks have faced difficulty in rolling over international debt.

The Bank of Korea said in a statement Friday that the amount of the swap facility is 38 trillion South Korean won ($28.4 billion) and 180 billion Chinese yuan ($26.3 billion) and is set for three years.

The two central banks currently have a separate swap agreement worth $4 billion.

The agreement comes a day before the leaders of South Korea, Japan and China were to meet in Fukuoka to discuss global financial turmoil.

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