SEOUL, Dec. 26 (Xinhua) -- South Korea picked 12 banks as market makers for direct trading between the South Korean won and the Chinese yuan for 2026, the foreign exchange authorities said Friday.
Seven domestic banks, including Kookmin Bank and NongHyup Bank, are selected to take the lead in providing the bid and offer prices in the direct won-yuan trading market, while five local branches of Chinese banks, including the Bank of Communications and the China Construction Bank, are chosen as liquidity providers, according to the Bank of Korea and the Ministry of Economy and Finance.
The direct trading market between the South Korean and Chinese currencies was launched here in 2014 to promote payment and settlement in trade using both currencies and lower risks related to the exchange rate. ■
