Australia, Korea strike $5 billion swap deal
The Reserve Bank of Australia (RBA) and Bank of Korea (BoK) have established a currency swap line of up to $4.5 billion in an attempt to "promote" bilateral trade between the two Asia-Pacific countries.
Glenn Stevens and Choong Soo Kim, the governors of the RBA and the BoK, signed the agreement on the side lines of the Group of 20 (G-20) meeting held in Sydney last weekend.
It is the first agreement of its kind between the two central banks, and will allow them to exchange up to A$5 billion/5
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