Approved by the State Council, the People's Bank of China (PBOC) and the Bank of Korea (BOK) recently renewed the bilateral currency swap agreement. The size of the agreement is RMB400 billion (KRW70 trillion). The agreement is valid for five years and can be renewed upon mutual consent.

The renewal of this arrangement for another term will further deepen monetary and financial cooperation between the two countries, facilitate bilateral trade, and contribute to financial market stability.