Currency swap agreement, as its name implies, refers to the agreement between the central banks of the two sides to borrow funds from each other in the case of urgent need of foreign exchange such as the financial crisis. It is equivalent to a protective device used to "put out the fire" in an emergency.

For South Korea, which experienced the 1997 foreign exchange crisis, currency swap is more like an important "firewall" to block the foreign exchange crisis in advance.

Under normal circumstances, if the agreement is to be renewed after its expiration, both parties need to sit down again to discuss and negotiate.

According to the data, China and South Korea signed a currency swap agreement in April 2009 (according to Korean media reports, the scale was 30 billion US dollars at that time, and 20 1 1 was expanded to 56 billion US dollars-about 360 billion yuan), and it was extended for another three years in 20 14 years.

In fact, in recent months, whether the currency swap agreement between China and South Korea can be renewed has been a matter of great concern to the Korean media.

Early this morning (10), Bank of Korea Governor Lee Zhulie was surrounded by Korean journalists on his way to work.

The answer he gave was: the negotiations are not over yet, and the two sides are still meeting.