The Bank of Korea and the People’s Bank of China renew the Korean Won-Chinese Yuan Bilateral Currency Swap Arrangement and enlarge its size from 64 trillion KRW/360 billion RMB to 70 trillion KRW/400 billion RMB.

The effective period is 5 additional years from October 11, 2020 to October 10, 2025 and could be extended by agreement between the two sides.