The Bank of Korea and the Ministry of Strategy and Finance announced on the 26th that 11 banks have been selected as market makers for the won-yuan direct trading market for next year.
The selected banks include six domestic banks: Kookmin Bank, Shinhan Bank, Woori Bank, Industrial Bank of Korea, Hana Bank, and Korea Development Bank, as well as five foreign bank branches: Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China, Bank of China, and Hongkong and Shanghai Banking Corporation.
The selected banks will play a role in leading price formation and supplying liquidity to the market by continuously providing buy-sell prices in the won-yuan direct trading market.
The Bank of Korea noted, "The market maker system has significantly contributed to the successful establishment of the won-yuan direct trading market," adding, "It is expected to continue playing an important role in the development of the market and the enhancement of yuan utilization."