China and South Korea have failed to extend their $56bn currency swap deal amid diplomatic tension over Seoul’s instalment of a controversial US missile shield.
The extension of the eight-year-old deal had been seen as a yardstick for relations between the two neighbours, which have frayed over Seoul’s deployment of the Terminal High Altitude Area Defence despite Beijing’s opposition.
South Korean officials said talks were continuing with China about renewing the deal, although experts remained sceptical about the possibility of resuming the swap.
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