5 Korean banks named market maker in won-yuan trade

[THE INVESTOR] Five Korean banks and their Chinese branches have been included among the 14 market makers for won-yuan direct trading market, the Ministry of Strategy and Finance announced on June 21.

This is the first time Korean banks have been named market makers in China’s foreign exchange market. 

The five Korean entities are Woori Bank, KEB Hana Bank’s Chinese operations, KB Kookmin Bank, Shinhan Bank and Kore Development Bank’s Shanghai branch.

Other banks included in the list are China Construction Bank, Industrial and Commercial Bank of China, Bank of Communications, Agricultural Bank of China, Bank of China and China Citic Bank, and Citi, HSBC and Standard Chartered

The market makers have the right to set the price, and the exchange rate will be based on transactions between market maker banks.

By Choi He-suk (cheesuk@heraldcorp.com)