Daily turnover of won-yuan direct trading increases in five months though Nov.

Published : Dec 1, 2017 - 16:43 Updated : Dec 1, 2017 - 16:43

The average daily turnover of the South Korean won-Chinese yuan direct trading market in Seoul moved up in the first 11 months of the year from the same period last year, government data showed Friday.

The daily trading volume in the Seoul won-yuan direct market reached $2.03 billion in the January-November period, up slightly from last year's daily average turnover of $1.95 billion, according to the data compiled by the Ministry of Strategy and Finance, and the Bank of Korea.

The turnover has been swinging up and down since it peaked at $2.27 billion at the end of 2015.

The won-yuan direct market in Seoul accounted for 3.3 percent of renminbi trading outside of mainland China making it the fourth-biggest offshore market, following the ones in Hong Kong, London and Singapore.

(Yonhap)

Trade payments in the Chinese yuan took up 6.2 percent of Korea's exports to China in the first half of 2017, up slightly from 5.9 percent in 2016, with the rest being transacted in the US dollar.

China is South Korea's largest trade partner, with trade volume reaching $211.4 billion in 2016.

The Seoul won-yuan trading center was launched in December 2014 as a means to boost bilateral trade between the two neighboring countries.

The South Korean government said it will cut brokerage fees for banks and ease hurdles for local and foreign exporting companies in a bid to attract more players into the market. (Yonhap)