The chief of the South Korean central bank says South Korea and China have not completed negotiations for extending their currency swap agreement, which expires on Tuesday.

Bank of Korea Governor Lee Ju-yeol said on Tuesday that negotiations are scheduled for Tuesday as well. He added that it would be great if the two sides complete negotiations before the deal expires, but that may not be possible. 

A senior ruling party official on Monday expressed optimism, saying negotiations are proceeding well although the government and financial authorities cannot confirm that right now. 

The official said the result of the talks will be released soon.

The 56-billion-dollar currency swap deal expires at midnight Tuesday.