South Korea launches won/yuan tradingMadeinkoreablog
On Monday, Direct trading between south Korean and Chinese currencies has begun, with government officials and traders in Seoul saying than expected the transactions were more active. For the direct trading in Seoul, the two Asian trade giants have pushed hard, the South Korea wants to be among the global hubs for increasing yuan-related business while China looking to boost international use of the Yuan.
Instead of using US Dollar, For payments, South Korea hopes more South Korean companies trading with China will adopt use of the yuan or won. A finance ministry said ” It went smoothly all around”. To secure a firm footing until commercial demand and supply grow sharply, its very important for the market.