Bank of Korea and Ministry of Economy and Finance Select 11 Banks as Market Makers for KRW-CNY Direct Trading Next Year

The Bank of Korea and the Ministry of Economy and Finance announced on the 26th that they have selected 11 banks, including KB Kookmin Bank and Shinhan Bank, as market makers for the won-yuan direct trading market next year.

Among domestic banks, six banks were selected: Kookmin Bank, Shinhan Bank, Woori Bank, Industrial Bank of Korea, Hana Bank, and Korea Development Bank.

Foreign bank Seoul branches include five banks: Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and Hongkong and Shanghai Banking Corporation.

The Bank of Korea and the Ministry of Economy and Finance explained that the selection criteria considered transaction performance in the won-yuan direct trading market, compliance with market makers' quoting obligations, and the scale of customer transactions.

The selected banks are expected to continuously provide bid and ask prices during trading hours in the won-yuan direct trading market, leading price formation and supplying liquidity to the market.

The Bank of Korea stated, "The market maker system has greatly contributed to the successful establishment of the won-yuan direct trading market, and it is expected to play an important role in the future development of the market and the enhancement of yuan utilization."

An employee at the Counterfeit Response Center of the Seoul Hana Bank headquarters is showing Chinese yuan.
[Photo by Yonhap News]

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