Government picks 12 banks to boost expand won-yuan trading
June 26, 2015
A total of 12 banks have been picked to expand South Korea's won-yuan direct transaction market that is critical for the country becoming an overseas trading hub for the Chinese currency, the government said Friday.The finance ministry said seven local banks and five foreign lenders operating in the country have been authorized to conduct direct currency transaction in the second half.The local banks are KB Kookmin Bank, Shinhan Bank, Woori Bank, Korea Development Bank, Industrial Bank of Korea,