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Report: Bank of Korea to pick 2 clearing banks for won-yuan direct trading

The Bank ofKorea is expected to pick two local banks to provide clearing andsettlement services for the upcoming South Korean won-Chinese yuan directtrading market in Shanghai, Reuters reported March 31, citing "sourceswith knowledge of the matter."

The central bank is expected to make a decision on thematter in early April after applications closed in the week of March 28.However, it is not yet clear how many banks will be chosen.

The currency market will be launched by June 30.