SEOUL, SOUTH KOREA - South Korea's central bank said on Friday it had reached a deal with the Bank of Japan to expand a yen-won currency swap facility for anytime use to $20 billion (S$29.8 billion) from an existing $3 billion.

Separately, the two countries can tap up to $10 billion dollar credit line only in case of emergency under an existing arrangement in place.

Earlier, the Bank of Korea signed an agreement with the People's Bank of China to set up a new yuan-won currency swap facility, on top of an existing emergency $4 billion credit line.

The deals followed a similar arrangement worth $30 billion with the US Federal Reserve, out of which the Bank of Korea has already used $7 billion in December to inject more dollar liquidity to local banks.

Japan, China and South Korea will hold a summit on Saturday with the global financial crisis topping the agenda. -- THOMSON REUTERS