Connections make South Korea a natural RMB hub, says HSBC
Sean Gladwell - Fotolia
The appointment of an official renminbi clearing bank for South Korea in July has sparked a surge of activity. Renminbi deposits have risen in the two months since then, and stood at Rmb122.6bn ($20bn) at the end of August, accounting for nearly 30% of the country's foreign currency deposits. And according to Peter Kim, head of global markets Korea at HSBC, geographical and economic proximity makes South Korea a natural RMB hub.
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