Won-Yuan Trading Supported in Korea as Export to China Jumps
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South Korea is moving closer to seeking the first direct trading between the won and the yuan following calls within the ruling Saenuri party to respond to the growing use of the Chinese currency.
The government will support the implementation of direct trading if needed as demand for yuan expands in the financial markets and for trade, Vice Finance Minister Choo Kyung Ho said yesterday in Seoul. Saenuri Party leader Hwang Woo Yea requested a proposal for won-yuan trading be reviewed, according to a Feb. 5 statement on the party’s website.