President Lee Jae Myung (third from right) and Chinese President Xi Jinping (third from left) on Nov. 1 hold a bilateral summit at Gyeongju National Museum in Gyeongju, Gyeongsangbuk-do Province. (Office of the President)

By Kang Gahui

A bilateral currency swap with China worth KRW 70 trillion has been renewed.

The Ministry of Economy and Finance on Nov. 3 said the Bank of Korea and the People's Bank of China on Nov. 1 renewed their contract on the KRW-RMB currency swap.

The deal's value is KRW 70 trillion (RMB 400 billion) for five years, the same as in the prior swap that expired on Oct. 10.

The ministry said, "The renewal of the Korea-China currency swap is expected to contribute to facilitating bilateral trade and strengthening financial stability in the region."

The agreement on the renewal was made thanks to the first bilateral summit between President Lee Jae Myung and his Chinese counterpart Xi Jinping on Nov. 1.

In addition, the two leaders agreed to bolster cooperation by signing six memorandums of understanding including one a 2026-30 joint plan for economic cooperation and another on raising exchange and collaboration in the service trade to achieve major progress in negotiations on the service and investment aspects of the bilateral free trade agreement.

kgh89@korea.kr