South Korea has doubled its currency swap arrangement with China to Rmb360bn ($57bn), further increasing the firepower available to protect its financial system from any turmoil in the eurozone.
This latest swap agreement with Beijing, announced during a visit to Seoul by China’s vice premier Li Keqiang, comes only a week after Seoul increased its swap facility with Japan to $70bn from $13bn.
South Korea’s central bank said the move, like last week’s with Tokyo, was intended to reduce “the negative impact that increasing uncertainties in global financial markets will have”.
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