SEOUL -- Six South Korean and five foreign banks were selected to set prices for direct won-yuan transactions next year. They will take the lead in providing liquidity to the market and maintain stable transactions.
The Bank of Korea (BOK) said Friday that the 11 banks would take the lead in setting prices by continuously buying and selling prices in the direct trading market, which was launched in 2014 to assist trade settlements and reduce exchange rate-related risks.
South Korean banks are Kookmin Bank, Industrial Bank of Korea, Shinhan Bank, Woori Bank, KEB Hana Bank and Korea Development Bank. Foreign lenders included Bank of Communications, Industrial and Commercial Bank of China, Bank of China, China Construction Bank Corporation, and Hong Kong and Shanghai Bank.
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