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Economy

South Korea, unofficially, reveals renewal of China currency pact

Issue is touchy for Beijing as it tries to avoid backlash ahead of party congress

Kim Dong-yeon, left, South Korea's finance minister, and Lee Ju-yeol, governor of the Bank of Korea, in Washington, where they revealed the currency pact extension with China.

SEOUL/BEIJING -- China and South Korea renewed their currency swap pact earlier this week but opted not to make an announcement, apparently out of consideration for Beijing's political conundrum ahead of the Communist Party congress.

But keeping the pact a secret could send the South Korean currency down in the forex market. So Seoul came up with a unique solution -- unofficially informing reporters of the deal.

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