Lee Requests Korea-US Currency Swap in Meeting With Treasury Secretary Bessent

President Lee Jae-myung reportedly met U.S. Treasury Secretary Scott Bessent at Cheong Wa Dae on the 13th ahead of the U.S.-China summit and requested a Korea-US currency swap agreement. Lee emphasized the need for cooperation in the foreign exchange market and proposed the swap arrangement. A currency swap is an agreement prepared for financial market instability, allowing one country to deposit its currency with another and exchange it for the counterpart’s currency at a pre-set rate. Korea and the United States previously signed swaps worth $30 billion during the 2008 global financial crisis and $60 billion during the 2020 COVID-19 pandemic. Lee also met Chinese Vice Premier He Lifeng to discuss economic cooperation, including minerals and energy supply chains. Source: rss.donga.com