South Korea expands currency swap with pension fund as won tumbles
SEOUL - South Korea's foreign exchange authorities on Friday said they agreed with the National Pension Service to expand a currency swap line to $50 billion from the current $35 billion to defend the tumbling won against the dollar.
The move is seen as an indirect intervention into the spot dollar-won market because the swap line allows the fund to borrow from the central bank's foreign exchange reserves instead of buying dollars in the onshore currency market.
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