Korea's foreign currency authorities said Friday that they agreed with the state pension operator to raise the upper limit of their currency swap deal to $50 billion from the current $35 billion to better cope with market volatility. Late last year, the two agreed to extend the currency swap deal by the end of 2024 after opening the line in April last year as part of efforts to ease market volatility. With the enhanced upper limit, the National Pension Service (NPS) can borrow up to $50 billion from the foreign reserves of the Bank of Korea in exchange for its local currency holdings, according to the authorities. ... (full story)