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The Republic of Korea (ROK) is getting ready to host world leaders for the Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Meeting from October 31 to November 1 in the historic city of Gyeongju, about 270 kilometers southeast of Seoul.
According to data from the Chinese Ministry of Commerce, China is the ROK's largest trading partner, while the ROK is China's second-largest trading partner.
China and the ROK launched the Free Trade Agreement (FTA) negotiations in 2012, signed the agreement in 2015.
Since 2014, China and the ROK have deepened financial cooperation through mechanisms such as direct RMB–KRW (ROK won) trading, the establishment of an RMB clearing bank in Seoul, and successive currency swap agreements totaling up to 400 billion yuan (around $56 billion).