Korean media: China and South Korea signed a USD 59 billion currency swap agreement, which is China’s largest foreign exchange

After the global pandemic of the new crown epidemic, all countries have exposed their problems. While other countries are still plagued by the new crown epidemic, China's economy has recovered and has grown steadily. Although some countries are suppressing our country, we are not afraid because China has the largest consumer market and many countries cannot do without China.

According to recent reports from South Korean media, the Bank of Korea and the People’s Bank of China have renewed the currency swap agreement, which has increased from the previous three years to five years, and the size of the agreement has also increased from the previous US$56 billion to US$590 trillion. The currency swap agreement signed by other countries is the largest and expires on October 10, 2025.

The two countries of China and South Korea have signed currency swap agreements since April 2009, and this is the fourth time that they have been renewed. The South Korean side stated: China and South Korea signed a currency exchange for the development of trade between the two countries and to protect the liquidity of their currencies. Even in the event of a foreign exchange crisis, the two sides can settle with each other's currency without any influence.

This year, all countries are deeply affected by the new crown epidemic, and their economies are sluggish. However, China’s rapid resurrection in the difficult situation has also allowed countries to see China’s strength. At the same time, my country also has the largest consumer market. Therefore, South Korea is in such a difficult situation. I really want to cooperate with China. South Korea wants its economy to recover, but it can only hold on to China's thighs.