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China, South Korea agree to boost yuan, won use in trade

Posted on 05 December 2012

Trade giants China and South Korea have agreed to utilise their currency swap valued at $59 billion to boost the use of yuan and won in bilateral trade, Seoul’s finance ministry and central bank said on Tuesday.
Central banks of the world’s largest and seventh largest exporters will begin lending trading firms yuan and won through banks from later this month for use in settling trade bills, the Ministry of Strategy and Finance and the Bank of Korea said in a joint statement………………………………………..Full Article: Source


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