SEOUL, Dec. 26 (Xinhua) -- South Korea picked 11 banks, including five Chinese banks, as a liquidity provider in the direct trading market of the South Korean won and the Chinese yuan for next year, the foreign exchange authorities said Tuesday.
Six local banks, selected to take the lead in providing the bid and offer prices in the direct won-yuan trading market, were Kookmin Bank, Shinhan Bank, Woori Bank, Hana Bank, Industrial Bank of Korea and Korea Development Bank, according to the Bank of Korea (BOK) and the Ministry of Economy and Finance.
Five local branches of Chinese banks, chosen as the liquidity provider, included the Bank of Communications, the China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China and HSBC.
The direct transaction market between the South Korean and Chinese currencies was launched here in 2014 to boost payment and settlement in trade using both currencies and lower risks related to the exchange rate. ■
