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Video Korea, China to ink direct currency trading deal (Us trading partners by volume)
Now. on the sidelines of their summit in Seoul later on this Thursday,. Korea and China are expected to ink a deal to allow direct trading of their local.
Now... on the sidelines of their summit in Seoul later on this Thursday,... Korea andChina are expected to ink a deal to allow direct trading of their local currencies.The agreement will slash transaction costs for companies on either side of the West Seaand reduce foreign- exchange risks. Kim Ji-yeon reports.Korea and China have been trying to settle their exports and imports in their own currenciesin light of their growing trade. China is Korea's largest trading partner,while Korea is China's third largest trading partner.Last year, the trade volume between the two countries totaled 230-billion U.S. dollars,with Korea posting a 63 billion dollar surplus. Up until now, only one-percent of Korean companiessettle their trading bills with their Chinese partners directly in the Chinese yuan becauseonly those already holding enough yuan could do so.Under the currency deal, exporters and importers from the two countries will no longer haveto pay transaction fees when converting the won to the yuan, and vice versa... since there'sno
need to convert into the U.S. dollar. The new arrangement is expected to cut Koreantraders' business costs by at least three to five percent.It will also help reduce potential exchange-rate risks.A researcher at the Korea Capital Market Institute says the deal will make Korea's financialmarket more attractive to foreign investors as well."The deal with China is expected to enhance Korea's financial and industrial brand imagewith the growing use of the Yuan in international trade."The global trade volume settled in the yuan amounted to 4-point-6 trillion yuan or 741-billionU.S. dollars last year, up 58 percent from a year earlier.In addition to the currency deal, China is reportedly considering allowing Korean financialinstitutions to invest directly in China's capital markets by granting them investmentquotas of up to 13 billion dollars. China has similar quota deals with Britain,Hong Kong and Taiwan. Kim Ji-yeon, Arirang News.
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