South Korean companies moving to create won-yuan swap market
Won-Yuan Market
Seoul - Yonhap
South Korean companies are moving to set up their own Chinese yuan swap market that can boost bilateral transactions by reducing currency exchange risks, business sources said Tuesday.
Sources said the move by such big names as Samsung Electronics Co. and POSCO is all part of the growing need to rely less on the U.S. dollar as a medium of transaction. China is South Korea's No. 1 export market, far surpassing the United States.
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