South Korea, China Agree To Direct Trade In National Currencies – 4 July 2014

RT logoSouth Korea and China have agreed to create a market for direct trading of the yuan and won, which is hoped, will help reduce the pressure of the US dollar, as well as cut foreign exchange costs and boost bilateral investment.

The memorandum of understanding (MOU) between China’s central bank and the Bank of Korea to create a yuan clearing system was signed during Chinese President Xi Jinping’s visit to South Korea on Thursday. The leaders of both countries pledged to sign an agreement by the end of the year.

Through these measures, exchange between companies and citizens in the two countries will become faster and more free,” the Financial Times quotes South Korean President Park Geun-hye.

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