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Reuters

Direct trading between the Chinese and South Korean currencies began yesterday, with traders and government officials in Seoul saying transactions were more active than expected.
The two Asian trade giants have pushed hard for the direct trading in Seoul, with China looking to boost international use of the yuan, while Korea wants to be among the global hubs for yuan-related business.
"It went smoothly all around," said a finance ministry official. "It's important for the market to secure a firm footing until commercial demand and supply grow sharply."
Seoul hopes more Korean companies trading with China will adopt use of the yuan or won for payments, instead of using the US dollar.
Latest data showed only 1.2 per cent of trade deals between the two nations is settled in yuan.
Korea ran a US$60 billion trade surplus with China last year, suggesting the yuan will be in short demand.
The yuan started trading at 180.30 won and finished at 180.77 won, central bank data shows. The pair had until now been quoted as a calculated cross-rate from each currency's value against the dollar.
Volume amounted to 5.395 billion yuan (HK$6.8 billion) during the six hours of trading, central bank data showed. Dealers said that was a touch higher than they had expected, although banks designated as market-makers led the trading.
Korea is the third country after Russia and Japan to host direct trading of the yuan against its own currency.


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Yuan

South Korea launches yuan-won market in Seoul

South Korea's Finance Minister Choi Kyung-hwan speaks at the opening ceremony of the Won-yuan market in Seoul yesterday. Photo: Xinhua

Business

Banking & Finance

Direct trading between the Chinese and South Korean currencies began, with traders and government officials in Seoul saying transactions were more active than expected.


South Korea launches yuan-won market in Seoul

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Direct trading between the Chinese and South Korean currencies began, with traders and government officials in Seoul saying transactions were more active than expected.

Direct trading between the Chinese and South Korean currencies began, with traders and government officials in Seoul saying transactions were more active than expected.