South Korea began direct trading between the Chinese renminbi (RMB) and the Korean won as part of South Korea’s bid to become a global trading hub for the RMB, showing that China’s efforts to make it a global currency are bearing more fruit.
Opening this currency market made South Korea the third country after Russia and Japan to host direct trading of the RMB against its own currency.
Bilateral trade between Seoul and Beijing reached around $230 billion last year, but only 1.2 percent of the transactions were denominated in the RMB. The South Korean government plans to increase that to 20 percent in the future.
CCTV America’s U-Jean Jung reported this story.