Nations in currency swap deal

China and South Korea said on Friday that they had reached a deal on a currency swap worth 180 billion yuan ($26.3 billion).

The deal will last for three years and can be extended upon the agreement of the two sides, according to a statement by the People's Bank of China (PBOC).

Its aim is to provide adequate liquidity for the financial systems of the two major East Asian economies, the statement said, adding that the fundamentals of the both economies remained sound.