Korea and China Sign 70 Trillion Won Won-Yuan Currency Swap at Summit... Five-Year Term [Gyeongju APEC]

Yonhap News Agency

On November 1, President Lee Jaemyung and Chinese President Xi Jinping held a summit and agreed to sign a Korea-China currency swap deal worth 70 trillion won (400 billion yuan). South Korea and China also signed six memoranda of understanding (MOUs) related to the economic and public security sectors.

President Lee and President Xi held their summit at the Cheonnyeonmisogwan Hall of the Gyeongju National Museum and attended the MOU and contract exchange ceremony agreed upon by both countries.

During the exchange ceremony, the heads of the two countries' central banks exchanged the currency swap contract. The currency swap is valued at 70 trillion won (400 billion yuan) with a five-year maturity.

Since first signing a 2 billion dollar currency swap agreement in 2002, the two countries have expanded the scale of their arrangement. The most recent currency swap deal, also worth 70 trillion won (400 billion yuan), expired on October 10.

The presidential office assessed, "It is expected to contribute to the stability of the two countries' financial and foreign exchange markets, as well as to the promotion of trade."

Additionally, the two countries signed an MOU on joint response to voice phishing and online fraud crimes, amid heightened awareness of transnational crimes such as voice phishing and scams following the Cambodia incident.

Other documents included: ▲ MOU on cooperation in the silver economy sector ▲ MOU on joint promotion of an innovation startup partnership program ▲ MOU on the 2026-2030 joint economic cooperation plan ▲ MOU on strengthening exchanges and cooperation in service trade ▲ MOU on phytosanitary requirements for the export of fresh Korean persimmons to China.