A foreign money exhcange counter is seen in Myeong-dong, central Seoul, Sunday. Yonhap
The South Korean central financial institution stated Friday it has chosen seven native lenders and 5 international banks with branches within the nation as market makers for direct buying and selling between the South Korean gained and the Chinese language yuan subsequent 12 months.
The seven native won-yuan market makers for 2026 are KB Kookmin Financial institution, NH Nonghyup Financial institution, Shinhan Financial institution, Woori Financial institution, Industrial Financial institution of Korea, Hana Financial institution and Korea Improvement Financial institution.
The 5 international banks are China Development Financial institution Corp., Financial institution of Communications Co., Ltd., Industrial and Industrial Financial institution of China Ltd., Financial institution of China Ltd. and HSBC Holdings PLC., in keeping with the Financial institution of Korea (BOK).
The BOK yearly updates the checklist of banks collaborating within the won-yuan direct buying and selling market to permit interbank and buyer spot transactions with out conversion into the U.S. greenback.
The chosen banks can even be tasked with main efforts to supply liquidity to the market.
“The market-maker system has contributed considerably to the profitable institution of the won-yuan direct buying and selling market and is anticipated to proceed enjoying a vital function in growing the market and increasing the usage of the yuan,” the BOK stated.
