South Korea to encourage yuan transactions, set up settlement
The South Korean won
Seoul - Yonhap
South Korea will encourage businesses to use the Chinese yuan for trade and build the necessary infrastructure to clear and settle accounts with the currency, the government said Friday.
In a meeting of economic policymakers that included representatives from the central bank and the Financial Services Commission, the finance ministry said the goal is to use the yuan as a medium of exchange for up to 20 percent of all South Korea-China commercial transactions, up from just 1.2 percent in 2013.
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