The 货币互换协议 is a swap line, which means the China Central Bank (CCB) will have hold Korean Won and lend Korean Central Bank (KCB) RMB and vice versa for KCB. At the expiry of Swap, CCB will return Won to KCB and KCB return RMB to CCB. So there is no exchange rate risk.
In 9 # proposed scenario, the CCB can send less RMB to buy the Won and return to KCB. Net-to-net, no loss for CCB
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