China and South Korea announced Tuesday that they have agreed in principle to extend an existing bilateral currency swap deal worth 360 billion yuan.

The agreement was reached between South Korean Finance Minister Yoo Il-ho and People's Bank of China Governor Zhou Xiaochuan on the sidelines of an annual board meeting of the Inter-American Development Bank in the Bahamas.

The two officials had not met to specifically address the swap, but agreed to discuss the details as soon as possible. The existing swap agreement between the two countries was created to promote the internationalization of the Chinese yuan and is set to expire on October 10, 2017.