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Seoul, Beijing to Help Each Other in Case of Financial Crisis
South Korea and China have agreed to provide 2 billion U.S. dollars to each other in case of a financial crisis, the South Korean Ministry of Finance and Economy said Monday.
South Korea and Thailand have also reached a similar agreement to supply one billion dollars to other in case of financial trouble.
"South Korea has agreed on the amounts of the currency swaps with China and Thailand and are currently negotiating the wording of the agreements," said a ministry spokesman.
Negotiations with Malaysia and the Philippines on similar agreements are under way, the spokesman said.
Since the financial crisis which hit East Asian countries in late 1997, the countries have been trying to prevent such kind of crisis through an early financial crisis warning system.
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