South Korea and China will introduce direct trading between the won and the yuan in Seoul and promote greater use of the Chinese currency under an agreement reached on Thursday between the leaders of the two countries, Bloomberg reported. South Korea also won an RMB80 billion (US$12.9 billion) quota for domestic investors to buy securities in China under the Renminbi Qualified Foreign Institutional Investor program. Sales of yuan-denominated debt in Seoul will be encouraged and a memorandum of understanding was also signed to appoint a yuan clearing bank in the city.
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