The Bank of Korea selected six local and five foreign banks as market makers for direct won-yuan trading in 2025.
The domestic banks are KB Kookmin Bank, Shinhan Financial Group's (KRX:055550) Shinhan Bank, Woori Financial Group's (KRX:316140) Woori Bank, Industrial Bank of Korea, Hana Financial Group's (KRX:086790) Hana Bank, and Korea Development Bank.
Meanwhile, the foreign banks are China Construction Bank (HKG:0939, SHA:601939), Bank of Communications (HKG:3328, SHA:601328), Industrial and Commercial Bank of China (HKG:1398, SHA:601398), Bank of China (HKG:3988, SHA:601988), and HSBC (HKG:0005).
The BOK annually updates the participating lenders in the won-yuan direct trading market to allow interbank and customer spot transactions without conversion to the US dollar.
South Korea launched the won-yuan direct market in 2014 to bolster trade payments in both currencies and lower exchange rate-related risks.
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