Following approval by the State Council, the People's Bank of China renewed a bilateral local-currency swap agreement with the Bank of Korea, setting the swap size at CNY 400 billion and KRW 70 trillion. The agreement runs for five years and may be extended with mutual consent. The renewed swap line is intended to deepen monetary and financial cooperation between the two countries, support the facilitation of bilateral trade, and help maintain financial market stability.
Central Bank of the Republic of China 2025-11-03
People's Bank of China renews five-year CNY 400bn KRW 70tn bilateral currency swap with Bank of Korea
The People's Bank of China has renewed a bilateral local-currency swap agreement with the Bank of Korea, approved by the State Council, with a swap size of CNY 400 billion and KRW 70 trillion. The five-year agreement aims to enhance monetary and financial cooperation, facilitate bilateral trade, and maintain financial market stability.