New RMB hub as South Korea gets clearing bank, RQFII quota
South Korea has become the first offshore renminbi hub in North Asia outside Greater China, after the People’s Bank of China (PBoC) and the Bank of Korea (BoK) signed a July 3 memorandum of understanding (MoU) on RMB clearing arrangements in Seoul and named Bank of Communications Seoul Branch as the country's renminbi clearing bank.
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