won-yuan market-market makers

S. Korea picks 11 won-yuan direct trading market makers for 2024

SEOUL, Dec. 26 (Yonhap) -- South Korea selected six local and five foreign banks with branches in the country as market makers for direct trading between the South Korean won and the Chinese yuan in 2024, the central bank said Tuesday.

The Bank of Korea (BOK) annually updates the list of bank participants in the won-yuan direct trading market that allows interbank and customer spot transactions without conversion to the U.S. dollar.

The banks will also be tasked with taking the lead in providing liquidity to the market, the BOK said.

The 2024 won-yuan market makers are KB Kookmin Bank, Shinhan Bank, Woori Bank, Industrial Bank of Korea, Hana Bank and Korea Development Bank. The five foreign banks are China Construction Bank Corp., Bank of Communications Co. Ltd., Industrial & Commercial Bank of China Ltd., Bank of China Ltd. and HSBC Holdings PLC., according to the central bank.

In 2014, South Korea launched the won-yuan direct market to boost trade payments in both currencies and reduce exchange rate-related risks.



sam@yna.co.kr

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