SEOUL, Dec. 22 (Korea Bizwire) — South Korea’s central bank said Friday that it has selected 12 banks, including six foreign banks, as the lenders responsible for setting prices for direct won-yuan transactions. The Bank of Korea said the lenders will also be charged with taking the lead in providing liquidity to the market. The [...]
SEOUL, Dec. 1 (Korea Bizwire) – The already close economic ties between South Korea and China will receive a further boost from the yuan’s inclusion in the International Monetary Fund’s (IMF) reserve currency basket, local observers said Tuesday. The move, to go into effect on Oct. 1, 2016, is not expected to have an immediate [...]
SEJONG, Nov. 5 (Korea Bizwire) – South Korea plans to issue yuan-denominated foreign exchange stabilization bonds in China to better meet rising demand for the Chinese currency and help local firms do business in the world’s No. 2 market, a government source said Thursday. According to the source in the finance ministry, the government submitted [...]
LONDON, Jun. 5 (Korea Bizwire) — South Korea and Britain will work together to become viable offshore yuan trading hubs and enhance transparency in the China-led infrastructure development bank, the finance ministers from the two countries said Thursday. In a meeting in London, Choi Kyung-hwan and his British counterpart, George Osborne, stressed that the two countries [...]
SEOUL, Oct. 9 (Korea Bizwire) – The share of Chinese yuan deposits in total foreign currency-denominated deposits made by Korean nationals has surpassed the 30 percent level for the first time in September this year. According to data released by the Bank of Korea on October 8, the yuan deposit balance as of the end of September [...]
SEOUL, Sept. 11 (Korea Bizwire) – Over the past five years, so called “China Money” pouring into Korean financial market has risen up over 50 times much in the period and is expected to grow further as China’s overseas investment will be accelerated as time advances. According to local sources, the total balance of money [...]
SEOUL, Sept. 4 (Korea Bizwire) – Hana Bank announced it signed an RMB loan commitment between the Seoul branch of Industrial and Commercial Bank of China (ICBC) worth US$50 million. Thanks to the agreement, Hana Bank, which had already secured committed lines denominated in dollar and yen for its urgent liquidity needs, could not only diversify its foreign currency lending [...]
SEOUL, May 12 (Korea Bizwire) – A 100-yuan counterfeit bill has been found in a bank in Cheongju. The instance of fake yuan bills has doubled in Korea within the past three years. According to the Cheongju Sangdang District Police Station on May 9, an officer at a downtown bank branch office found a forged [...]