South Korea to use currency swap with China for trade settlement (Dec 2012)

Renmimbi-Yuan

China Daily: South Korea to use currency swap with China for trade settlement

Tracking China’s currency swap deals with other countries and reducing dependence of US Dollar for international trade.

Notable excerpts:

According to a joint statement by Bank of Korea (BOK) and the Ministry of Strategy and Finance, the BOK agreed with the People’ s Bank of China (PBOC) to support trade settlement in each country ‘ s currency…”

This agreement to use the swap line is expected to boost the international usage of both the Chinese yuan and the Korean won,”the central bank and the Finance Ministry said in the joint statement.

The statement noted that active trade settlement in local currencies will reduce currency risks, transactions costs and dependence on reserve currency such as the US dollar

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3 thoughts on “South Korea to use currency swap with China for trade settlement (Dec 2012)

  1. Pingback: China, UAE Sign 35 Billion Yuan Currency Swap (Jan 2012) | livinginabubbleblog

  2. Pingback: ECB Agrees on Swap Line With PBOC as Trade Increases (Oct 2013) | livinginabubbleblog

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