Economics
Bank of Communications Wins First Yuan Clearing Mandate in Seoul
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Bank of Communications Co. was appointed to be the yuan clearing bank in Seoul, the first such mandate for China’s fifth-largest lender.
The People’s Bank of China announced the appointment today in a statement on its website, a day after the monetary authority and Bank of Korea signed a yuan clearing agreement. Seoul is the third city in three weeks to have a lender appointed to settle transactions denominated in the Chinese currency. China Construction Bank Co. was selected for London on June 18, and Bank of China Ltd. was chosen for Frankfurt the following day.