https://shinjukuacc.com/20200403-01/
https://www.youtube.com/watch?v=DkTmjVTlk34
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That is,
All cross currency swaps held by Korea are “BLCSA” (Cross Currency swaps) denominated in local currency .
Of these, the Australian dollar and Swiss franc are international hard currencies, and the UAE dirham uses dollar pegs, so it is basically not difficult to convert these three currencies to dollars.
However, for the currencies of Malaysia and Indonesia, exchanging billions of dollars will destroy the exchange market.
Also called Hard Currency International Settlement Currency
A currency that is internationally trusted and can be easily exchanged for another country's currency.
A currency recognized by other countries as having universal value.
Dollar peg
Also known as the US dollar fixed exchange rate system, the exchange rate between the home currency and the US dollar is kept constant by intervening exchange rates and adjusting interest rates.
In addition, regarding the Cross Currency swap with China, in addition to the fact that the RMB itself is a soft currency in the first place, when it expired in October 2017 , the Korean side unilaterally said,“Oral I promised that, "it will be delicate whether it will be useful in case of emergency.
Soft currency
A currency that has little liquidity in the world foreign exchange market (international market) and is not freely exchangeable with currencies of other countries, also called “local currency”
On the other hand, regarding the Cross Currency swap with Japan, the “local currency denominated '' Cross Currency swap is denominated in yen, and in addition to the yen itself being a currency that is highly internationally accepted, It is also a partner country to enter into US dollar denominated (Cross Currency) swaps, backed by huge foreign exchange reserves.
That's why South Korea gets a Cross Currency swap with its throat
( I'm dying for ), I wonder.
Political use of swaps
Central bank role misidentifies
With that in mind, let's read a little more about the Chosun Ilbo.
According to an article, officials of the Korea Prefectural Office stated the following to the Chosun Ilbo on the 2nd.
1. The central bank, the BOJ, unlike other developed countries, is not independent of the central government
2. Cross-currency swaps between Korea and Japan will be difficult due to the BOJ suffering from the influence of the Abe administration
Around this, there are considerable factual misconceptions.
First, the BOJ's own swap is not a "Cross Currency Swap".
It is "Foreign Exchange Swap in Yen".
For example, the Bank of Japan recently entered into a swap with the Central Bank of Thailand, but the swap was not a "Cross Currency Swap" but a "Foreign Exchange " swap.
On the other hand, all the Cross Currency Swaps (BSA) that Japan has with India, Indonesia, the Philippines, etc., which the BOJ has signed on behalf of the Ministry of Finance, provide US dollar funds to the other party. It is not the BOJ, but the foreign exchange funds special account of the Ministry of Finance.
In Japan, it is the Treasury, not the Central Bank, that manages foreign exchange reserves, which is why the intention of the Japanese government (especially Prime Minister 麻生太郎（Taro Aso,아소 다로）is strongly reflected. .
Swaps that the Korean side has crushed for their own convenience
There is also a very big problem with the attitude of the Korean side.
After all, a Cross Currency swap is a " promise to lend money in the event of an emergency '' South Korea in a position to thank Japan for bowing down.
Nevertheless, let's remind you that South Korea has brilliantly acted in various rude and tortious ways.
For example, during the financial crisis triggered by the collapse of Lehman Brothers in 2008 , Japan's Cross Currency swaps with South Korea under the initiative of Prime Minister 麻生太郎（Taro Aso,아소 다로）at the time Raised the limit from $ 3 billion to $ 20 billion, and this is what a government official in Korea said six months later.
「WhenKoreaToughJapanSlowestForeignCurrencyLender1
「When Korea is tough, Japan is the slowest foreign currency lender 」
" Japan is the last country in Korea, China, and Japan to offer foreign currency in the toughest times ."
In an interview with the Nihon Keizai Newspaper, one of Japan's leading economic newspapers, 尹増鉉（Yoon Jeung-hyun,윤증현）Minister of Planning and Finance , said on Tuesday, “The world's second largest economy. I feel like Japan is stingy small-minded despite being a great country. ''
<< … Read more >>
――― From 07:07, 08:07 , 2009 ,
中央日報 (JoongAng Ilbo) Japanese versionon
I feel sad.
In October 2011 , during the European debt crisis, the initiative of the then Prime Minister 野田佳彦(Yoshihiko Noda,노다 요시히코) brought the total size of Japanese and Korean Cross Currency swaps to $ 70 billion. When it expanded, South Korea, including South Korean President 李明博(Lee Myung-bak,이명박） himself, has launched various torts in Japan nationwide.
December 14 ...
Citizens' groups set up 慰安婦(군사 매춘부,Military Prostitutes) statues on public roads in front of the Japanese embassy in Seoul
December 18 ...
李明博(Lee Myung-bak,이명박）at the Japan-South Korea Summit in Kyoto, suddenly steams up the 慰安婦(군사 매춘부,Military Prostitutes)problem with 野田佳彦(Yoshihiko Noda,노다 요시히코) .
August 10 ...
李明博(Lee Myung-bak,이명박）illegally landed in 竹島（Takeshima,다케시마） , Shimane Prefecture, a territory unique to Japan
August 14 ...
李明博(Lee Myung-bak,이명박）to at the time 天皇陛下(His Majesty the Emperor) （now・上皇陛下 (The Emperor Emeritus) )
「日王（Japan King）が韓国を訪問したいなら、 独立運動で犠牲になった人々に、謝りに来い」
"If the Japan King wants to visit Korea, come to apologize to the victims of the independence movement."
August 23 ...
野田佳彦(Yoshihiko Noda,노다 요시히코) sent the autograph letter sent to 李明博(Lee Myung-bak,이명박）
The government of Korea of 李明博(Lee Myung-bak,이명박）Send back with as a registered registered letter.
(※ titles omitted in the text)
In a sense, it was natural that Japan canceled the $ 70 billion swap in one year as planned, and even though nearly ten years have passed since then, it still has the " payment for Korean tort " at that time. They have not payment.
On the contrary, the current 文在寅（Moon Jae-in,문재인）,
「自称元徴用工(Self-proclaimed origin Forced victim workers, 자칭 강제 징용 피해자) 判決問題（Judgment problem）」『朝鮮半島出身応募労働者(Applicant workers from the Korean Peninsula)』
旭日旗（Rising Sun flag） uproar, radar irradiation incident, 慰安婦(군사 매춘부,Military Prostitutes) Moves to break relations with Japan, such as the unilateral withdrawal of the agreement and the congressional insult to the 上皇陛下(The Emperor Emeritus), have been relentless.
(* As an aside, this website
『The true pro-Japanese faction is Moon Jae-in that person』
However, as reported, the 文在寅（Moon Jae-in,문재인）administration is trying to contribute to Japan's national interests by destroying Japan-South Korea relations. I think about it. )
