South Korea, China extend currency deal despite missile row

FAN Editor

South Korea says that Seoul and Beijing have agreed to extend their currency swap deal, easing concerns the deal would fall through due to tensions over a U.S. missile defense system.

Continue Reading Below

South Korea’s central bank and its finance ministry said Friday in a joint statement that the two Asian countries renewed the deal worth 64 trillion won ($57 billion) for another three years.

The move keeps their already soured relationship from further deteriorating. South Korean companies’ businesses have suffered in China amid friction over South Korea’s deployment of a U.S. anti-missile system known as THAAD.

Currency swap deals allow countries to borrow money from other countries with in their own currency.

Next Post

Toshiba, Bain executives join to push for memory-chips sale

YOKKAICHI, Japan –  The heads of Toshiba’s memory chip business and Bain Capital, the investment fund buying it, said Friday they hope to close the deal by March despite persisting opposition from Toshiba’s U.S. joint venture partner Western Digital. Continue Reading Below Appearing with Toshiba Memory Chief Yasuo Naruke, Bain […]