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12 Banks Chosen for Won-Yuan Direct Trading Market Makers Next Year

NSP NEWS AGENCY, By sanghyun Kim Journal, 2015-12-21 12:38 END7
#market maker #Korea bank #won yuan #direct trading

(Seoul=NSP News Agency) sanghyun Kim Journalist = The Bank of Korea and the Ministry of Strategy and Finance(MSF) have chosen 12 banks that will play the role of the won-yuan direct transaction market makers starting next year.

Kookmin, Shinhan, Woori, KEB Hana, Korea Development Bank and Standard Chartered Bank Korea are the selected banks in South Korea among the 12.

The other six are domestic branches of foreign banks including ING, HSBC, China Construction Bank and the Industrial and Commercial Bank of China.

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The selected banks will lead efforts in forming prices and supplying market liquidity.

The market maker system has been introduced to facilitate transactions in the won-yuan direct trading market which opened in December 2014.

A Bank of Korea official said the system is expected to play a key role in developing the won-yuan market and ways to better utilize the Chinese currency.

NSP News Agency/NSP TV sanghyun Kim Journalist, jigjam@nspna.com
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