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Government of South Korea ROK

(Federal/State Govt. / Local Govt./Govt. Bodies) Seoul KOREA, REPUBLIC OF
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S.Korea, Japan increase fx swap line to $20 bln    

South Korea's central bank said on Friday it had reached a deal with the Bank of Japan to expand a yen-won currency swap facility for use anytime to $20 billion from an existing $3 billion.

The increased bilateral currency swap arrangement, which involves trading exclusively in the two countries' currencies, will be effective until the end of April 2009, although the deadline could be extended in another bilateral agreement.

Separately, the two countries can tap up to $10 billion in a dollar credit line in the case of an emergency under the existing arrangement.

Earlier, the Bank of Korea signed an agreement with the People's Bank of China to set up a new yuan-won currency swap facility amounting to 38 trillion won ($28.29 billion), on top of an existing emergency $4 billion dollar credit line.

Bank of Korea Deputy Ggovernor Rhee Gwang-ju told reporters that it would consider including dollars in the new yuan-won swap facility with China.

The deals followed a similar arrangement worth $30 billion with the U.S. Federal Reserve, out of which the Bank of Korea has already used $7 billion in December to inject more dollar liquidity to local banks.

Japan, China and South Korea will hold a summit on Saturday with the global financial crisis topping the agenda.

Government of South Korea ROK 's City : Seoul
Government of South Korea ROK 's Country : KOREA, REPUBLIC OF
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