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Emerging Markets

Hope despite the obstacles: outlook bright for RMB in Korea, says KSD chairman

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It has been six months since South Korea formally became an offshore renminbi hub, with its own official clearing bank. The last year has seen a massive increase in RMB deposits, tripling to about Rmb120bn ($19bn), but Yoo Jaehoon, chairman and CEO of Korea Securities Depository, the country's leading custody and settlement services provider, tells GlobalRMB that the key issue for RMB development in the country remains the expansion of its use in the real economy.

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