Friday, July 4, 2014

Korea, China Agree on Won-Yuan Direct Exchange Market Worth 13.5 Trillion Won

In addition, they agreed to create a won-yuan direct exchange market in Seoul so that Korea could be prepared for globalization and appreciation of the yuan, and diversify the economic currency. From now on, it is possible to exchange won for yuan directly for trading purposes without exchanging to other currencies. With the two leaders present, the People’s Bank of China and Bank of Korea signed an MOU to designate a Chinese bank located in Seoul as a clearing house for yuan, so that the settlement of yuan could be done in Korea on a daily basis instead of Hong Kong. - See more at: http://www.businesskorea.co.kr/article/5307/korea-china-summit-korea-china-agree-won-yuan-direct-exchange-market-worth-135-trillion#sthash.KIrteB4B.dpuf
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