Won-yuan direct trading starts in Korea, but full convertibility needed
South Korea officially kicked off its onshore Won (KRW) and renminbi (CNY) direct trading market on Monday (December 1) in Seoul, after the regulator announced the initiative last month. While the move is seen as another step in the building up of a local RMB market, Korean market participants said to GlobalRMB that the convertibility of the won in China’s onshore market is what would be needed to fully promote RMB internationlisation in Korea.
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