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South Korea names 12 banks to set prices for won-yuan direct market

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South Korea names 12 banks to set prices for won-yuan direct market

South Korea's central bank picked 12 banks to set prices for direct won-yuan transactions, Yonhap News Agency reported Dec. 22.

The selected banks include six local banks: KB Kookmin Bank, Industrial Bank of Korea, Shinhan Bank Co. Ltd., Woori Bank, KEB Hana Bank and Korea Development Bank.

The Bank of Korea also selected the local branches of Deutsche Bank AG, Bank of Communications Co. Ltd., Industrial & Commercial Bank of China Ltd., Bank of China Ltd., China Construction Bank Corp. and Hongkong & Shanghai Banking Corp. Ltd. for the role.

South Korea launched a won-yuan direct market in 2014 to boost transactions in both currencies and to lessen exchange rate-related risks. The daily trading volume in the won-direct market reached US$2.03 billion in Seoul in the first 11 months of 2017, higher than the average turnover of US$1.95 billion in 2016, the report said, citing government data.