China, Korea sign new swap line

The monetary authorities in China and South Korea have signed a new foreign-currency swap deal, the Chinese central bank has announced on Friday.

According to a statement published on the website of the People's Bank of China, the agreement is for 180 billion yuan or 38 trillion won ($26.2 billion), and will run for three years, subject to further extensions.

The Chinese central bank said the arrangement will help improve short-term liquidity conditions in both countries and promote financial s

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