11 Banks Selected as Market Makers for KRW/CNY Direct Trading

6 Domestic Banks and 5 Foreign Bank Branches

[Asia Economy Reporter Jang Sehee] The Bank of Korea and the Ministry of Economy and Finance announced on the 28th that they have selected 11 banks as market makers for the won/renminbi direct trading market next year. Market makers play a role in actively quoting bid and ask prices in the foreign exchange market, leading price formation and supplying liquidity to the market.

The selected banks include six domestic banks: Kookmin, Shinhan, Woori, Hana, Small and Medium Business Bank, and Industrial Bank, as well as five foreign bank branches: Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and Hongkong and Shanghai Banking Corporation (HSBC).

Meanwhile, the Bank of Korea and the Ministry of Economy and Finance plan to improve and apply the foreign exchange soundness charge deduction system from next year's payment portion to align with the purpose of diversifying settlement currencies and promoting won/renminbi transactions.

This content was produced with the assistance of AI translation services.