'Won-Yuan Currency Swap' Signed at Korea-China Summit [Gyeongju APEC]

Yonhap News Agency

President Lee Jaemyung and Chinese President Xi Jinping agreed to sign a Korea-China won-yuan currency swap during a summit on November 1. South Korea and China also signed six memorandums of understanding (MOUs) related to economic and public security cooperation.

President Lee and President Xi held a summit at the Millennium Smile Hall of the Gyeongju National Museum on the same day and attended the exchange ceremony for the MOUs and agreements reached between the two countries.

The documents agreed upon by China and South Korea include: ▲ MOU on cooperation in the silver economy sector ▲ MOU on joint promotion of the Innovation Startup Partnership Program ▲ MOU on the 2026-2030 Joint Economic Cooperation Plan ▲ MOU on strengthening cooperation and exchanges in service trade ▲ MOU on plant quarantine requirements for the export of fresh Korean persimmons to China ▲ MOU on joint response to voice phishing and online fraud crimes ▲ and the Korea-China won-yuan currency swap agreement, totaling seven documents.

The central banks of South Korea and China previously extended a currency swap agreement worth 59 billion dollars for five years in 2020. This agreement expired on October 10 of last month.