Korea and China renew currency swap deal early

Longevity swaps

The Bank of Korea and the People's Bank of China on Wednesday announced an increase in the size and the early renewal of the won-yuan swap arrangement in place since April 20, 2009.

The two central banks decided to renew the bilateral swap arrangement and almost doubled its size, from 38 trillion won/180 billion yuan to 64 trillion won/360 billion yuan. The effective period of the renewed arrangement will be three years, and the possibility for a further extension of the agreement was left open

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