Tuesday 17 July 2018 ,
Tuesday 17 July 2018 ,
Latest News
  • Cabinet approves draft digital commerce policy
  • Rohingya crisis: IOM concerned over lack of funding
  • Panama Papers leak: ACC quizzing United Group chairman, directors
  • Students demand resignation of DU Proctor
  • France win World Cup for 2nd time
  • Persuade Myanmar to take back Rohingyas, PM to UN
  • BNP doubts about fair voting in 3 city polls
13 October, 2017 05:05:28 PM
Print

S. Korea, China renew $56 bn currency swap deal

Independent Online Desk
S. Korea, China renew $56 bn currency swap deal

South Korea and China have renewed a $56 billion currency swap deal, Seoul said Friday, despite tensions over the controversial deployment of a US anti-missile system in the South. 

There had been fears the diplomatic row would threaten the major economic agreement that expired on Tuesday, but the central Bank of Korea said it has been extended for another three years. 

Ties between the two Asian neighbours have soured over the deployment of the powerful US weapon in the South -- aimed at guarding against North Korea's missile threats but viewed by Beijing as a threat to its own security. 

The deal, seen as a financial safety net to help stabilise the South Korean won, accounts for around half of the South's entire currency swap deals. It was first signed in 2009 and has been renewed several times. 

"The extended agreement took effect as of October 11, so the deal was extended without a single day of disruption," the central Bank of Korea Lee Ju-Yeol told reporters. 

Seoul announced last month it would deploy more of the Terminal High-Altitude Area Defense (THAAD) systems after the North's sixth nuclear test and a series of missile launches that sparked global alarm. 

Two launchers are already operational and since late last year China -- the South's top trading partner -- has taken a series of measures against South Korean businesses, seen by Seoul as unofficial economic retaliation.AFP.

KK 

Comments

Poll
Today's Question »
BNP Secy Gen Mirza Fakhrul Islam Alamgir yesterday said ‘a non-political and external force is running the country’. Do you think the claim has any basis?
 Yes
 No
 No Comment
Yes 98.1%
No 1.9%
No Comment 0.0%
Video
More Business Stories
Summit’s 149 MW Kodda power plant starts operation Summit Group, the country’s largest independent power producer (IPP), has begun power generation at another 149 MW HFO-fired power plant in Kodda of Gazipur, reports UNB. According to a statement of the business group, the plant-Summit…

Copyright © All right reserved.

Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Disclaimer & Privacy Policy
....................................................
About Us
....................................................
Contact Us
....................................................
Advertisement
....................................................
Subscription

Powered by : Frog Hosting