China and South Korea signed a bilateral currency swap and other economic cooperation agreements on Saturday, as their leaders held summit talks in a bid to improve bilateral ties. The won-yuan swap line of a maximum 70 trillion won ($49.

South Korea and China signed seven Memorandums of Understanding (MoUs) on Saturday, Yonhap News Agency reported, citing the presidential office of South Korea.

China’s President Xi Jinping will meet his new South Korean counterpart Lee Jae Myung as both leaders work to rebuild ties between their two countries, after years of Seoul moving closer to the US.

Donald Trump has said he has given South Korea permission to build nuclear-powered submarines in Philadelphia, in an announcement that could rattle China as the US president prepares to meet Xi Jinping.

President Donald Trump said he had an “amazing” meeting with Chinese President Xi Jinping, where “a lot of decisions were made” on fentanyl, rare earth minerals and more.

Asia-Pacific markets traded mostly higher as investors weigh the state of the economy after a truce between Donald Trump and Xi Jinping.

South Korea told President Trump a stealthy submarine will reduce the burden on American forces as threats from Beijing and Pyongyang rise.

A US fighter jet and a helicopter crashed into the South China Sea within 30 minutes of each other on Sunday. The F/A-18F Super Hornet and MH-60R Seahawk helicopter, both based off the aircraft carrier USS Nimitz, went down in separate incidents while “conducting routine operations”, said the US navy’s Pacific Fleet.