SEOUL, South Korea – 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.
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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.