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• China, South Korea discuss $30bn currency swapChina, South Korea discuss $30bn currency swap

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  Klaus D. Nebl

  (not a XING member)

  China, South Korea discuss $30bn currency swapChina, South Korea discuss $30bn currency swap

  South Korea is in negotiation with China for a currency swap worth up to US$30 billion to help it protect against the ongoing global financial crisis, the AFP reported, citing a report by Korean news agency Yonhap. The proposal would expand the two countries' current agreement for a swap of US$4 billion of their respective currencies. Officials from both countries have not confirmed a change in the amount. South Korea's foreign reserves fell in October as the government intervened to prop up the won. As of the end of last month, they totaled US$212.3 billion, down US$27.4 billion from September. China's foreign exchange reserves exceeded US$1.9 trillion in September.
  
  • 05 Nov 2008, 09:10 am
  Klaus D. Nebl wrote: > South Korea is in negotiation with China for a currency swap worth up > to US$30 billion to help it protect against the ongoing global > financial crisis, the AFP reported, citing a report by Korean news > agency Yonhap. The proposal would expand the two countries' current > agreement for a swap of US$4 billion of their respective currencies. > Officials from both countries have not confirmed a change in the > amount. South Korea's foreign reserves fell in October as the > government intervened to prop up the won. As of the end of last > month, they totaled US$212.3 billion, down US$27.4 billion from > September. China's foreign exchange reserves exceeded US$1.9 trillion > in September.