Ruling and opposition parties have welcomed the agreement between Seoul and Beijing to extend their bilateral currency swap deal.

Democratic Party spokeswoman Kim Hyun said in a written statement on Friday that the ruling party welcomes the move, emphasizing a currency swap is the closest financial cooperation the two countries can make in response to a possible economic emergency.  

The largest opposition Liberty Korea Party’s spokesman Jeong Yong-ki called it a fortunate decision. He said economic and security issues are best handled separately and any decision on an economic matter should prioritize the welfare of people of both countries or bilateral economic development.

Son Kum-ju, spokesman for the minor opposition People’s Party, expected that the agreement will help accelerate thawing strained relations between the two countries over the deployment of a U.S. THAAD antimissile system in South Korea and bring an eventual end to China's economic retaliation.

The conservative minor Bareun Party also welcomed the renewed deal.