S Korea, China renew United States dollars 56 bn currency swap deal despite

South Korean soldiers on DMZ border

EPASeoul would be powerless to defend itself

South Korea and China have agreed to extend their currency swap deal, the head of South Korea's central bank has said. Lee Ju-yeol hold a news conference in Washington on October 12, 2017, to announce the extension of the 64 trillion-won (US$55 billion) currency swap deal between Seoul and Beijing, in this photo provided by the foreign ministry the next day.

"The Ministry of Strategy and Finance has been closely cooperating with the Bank of Korea", Kim told reporters.

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There had been fears the diplomatic row would threaten the major economic agreement that expired on Tuesday, but the central Bank of Korea said it has been extended for another three years. Lee Ju-yeol (R) and Finance Minister Kim Dong-yeon talk to reporters in Washington on South Korea's currency swap deal with China on October 12, 2017, in this photo provided by the BOK.

The deal, seen as a financial safety net to help stabilise the South Korean won, accounts for around half of the South's entire currency swap deals.

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In the midst of heightened North Korean risk factors and shaky bilateral relations between Seoul and Beijing due to China's heavy protest regarding Korea's deployment of the US' Terminal High Altitude Area Defense anti-missile system, the renewed currency swap agreement appears to be a meaningful symbol of economic cooperation between the two nations.

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