S Korea, China renew United States dollars 56 bn currency swap deal despite

North Korea Kim Jong Un and a shark

South Korea, the world's second-biggest liquefied natural gas (LNG) importer after Japan, received its first LNG cargo under a 20-year supply deal with US exporter Cheniere in early July through Korea Gas Corp.

The announcement of the extended currency swap agreement comes three days after the terms of the deal expired on October 10, with Korea and China previously failing to agree on a deal extension.

Asked about China's trade retaliation against South Korea's decision to deploy a USA anti-missile defence system, Kim said Korea has not "abandoned" an option to file complaints to the World Trade Organization (WTO).

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.

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.

The agreement douses speculation that negotiations had been bogged down by a dispute over the installment of a U.S. THAAD missile defense battery in South Korea.

Since the beginning of the year, China has conducted series of economic retaliations, including placing a ban on group tours to the country and allegedly boycotting Korean companies operating in China.

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