South Korea and Australia Expected to Extend Currency Swap

South Korean Deputy Prime Minister Hong Nam-ki and Australian Treasurer Joshua Anthony Frydenberg discussed the two countries’ further cooperation in various fields such as their currency swap, the hydrogen economy and foreign policies in Washington, D.C. on Oct. 18 (local time).

When it comes to the currency swap, which is scheduled to expire on Feb. 7, 2020, they stressed that they would support the two central banks’ efforts for more financial cooperation. The two countries doubled the size of the currency swap to 10 billion Australian dollars in 2017.

The deputy prime minister and the treasurer promised cooperation in the hydrogen economy sector, too. The Australian government released its 2030 hydrogen industry vision in December last year and the South Korean government released its roadmap for hydrogen economy promotion in January this year.

As for foreign policies, the Australian government proposed cooperation for economic support for Papua New Guinea, which is expected to lead to South Korea’s bigger role in the Pacific region.