Next Year’s Won-Yuan Direct Trading Market Makers Selected: 11 Banks Including Kookmin and Shinhan

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. Five foreign bank branches were selected: Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and Hongkong and Shanghai Banking Corporation.

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 and the Ministry of Economy and Finance explained that the selection criteria included transaction performance in the won-yuan direct trading market, fulfillment of market maker quoting obligations, and the scale of customer transactions.

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."

[Image source=Yonhap News]

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