China vows to deepen strategic cooperative partnership with new South Korean leadership

China pledged to work with South Korea's incoming administration to jointly advance the strategic cooperative partnership to better benefit the two nations and peoples, Foreign Ministry spokesman Lin Jian said at a press briefing in Beijing on Wednesday.

Earlier in the day, Lee Jae-myung was sworn in as the new president of the Republic of Korea (ROK), formally beginning his single five-year term. Lee of the majority liberal Democratic Party won 49.42 percent of support, defeating his archrival Kim Moon-soo of the conservative People Power Party by a wide margin of 8.27 percentage points. When asked about China's expectations for the future development of ties with South Korea, Lin said, "President Xi Jinping has sent a congratulatory message to President Lee Jae-myung, congratulating him on his election as the 21st President of South Korea. China and South Korea are important neighbors and partners for cooperation. China highly values its relations with South Korea and stands ready to work with the new administration to stay true to the original aspiration of establishing diplomatic relations, maintain the direction of good-neighborly friendship, commit to win-win cooperation, and continuously advance our strategic cooperative partnership for the benefit of both nations and peoples."

China vows to deepen strategic cooperative partnership with new South Korean leadership

China vows to deepen strategic cooperative partnership with new South Korean leadership

China vows to deepen strategic cooperative partnership with new South Korean leadership

China vows to deepen strategic cooperative partnership with new South Korean leadership

The central parity rate of the Chinese currency renminbi, or the yuan, strengthened 20 pips to 7.0108 against the U.S. dollar Monday, according to the China Foreign Exchange Trade System.

In China's spot foreign exchange market, the yuan is allowed to rise or fall by 2 percent from the central parity rate each trading day.

The central parity rate of the yuan against the U.S. dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day.

Chinese yuan strengthens to 7.0108 against USD Monday