Thursday, August 7, 2014

S. Korea to build offshore trading center for Chinese currency: envoy

  South Korea has been preparing to build an offshore trading center for the Chinese currency of yuan, the South Korean ambassador to China said Thursday, voicing support for Beijing's push for greater internationalization of the yuan.

   China is South Korea's biggest trading partner, accounting for about one-third of the latter's exports. Earlier last month, leaders of the two nations agreed to establish a yuan-clearing system in South Korea.

   China also awarded 80 billion yuan ($12.98 billion) to South Korea to buy securities in China under the Renminbi Qualified Foreign Institutional Investor program.

   "South Korea is actively preparing to build an offshore trading center for the renminbi," South Korea's Ambassador to China, Kwon Young-se, told the 21st Century Business Herald, a Chinese business daily, in an interview, referring to the official name of the Chinese currency.


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