Korea Boosts Foreign Currency Supplies

A foreign currency swap agreement for up to US$30 billion between Korea and the U.S., together with similar deals with Japan, China and ASEAN countries, gives Korea up to $53.5 billion of liquid foreign currency in an emergency. The government already signed $23.5 billion-currency swap agreements with Japan ($13 billion), China ($4 billion), and Thailand, Indonesia, Malaysia and the Philippines ($6.5 billion altogether). The government plans to expand the size of the agreement with China and Japan in the near future. Read more about the Korean currency swap…