Six domestic banks, selected to take the lead in providing the bid and offer prices in the direct won-yuan market, were Kookmin Bank, Shinhan Bank, Hana Bank, Woori Bank, Korea Development Bank and Industrial Bank of Korea, according to the Bank of Korea and the Ministry of Economy and Finance.
Five local branches of Chinese banks included the Bank of Communications, the China Construction Bank, the Industrial and Commercial Bank of China, the Bank of China and HSBC.
The direct transaction market between the South Korean won and the Chinese yuan was launched here in 2014 to boost payments and settlements in trade using both currencies and lower the exchange-rate related risks.
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