Direct trading between the Chinese and South Korean currencies commenced with a flurry of activity yesterday, South China Morning Post reported. The two countries both stand to gain from the new market, as China seeks to boost the international use of the yuan, and Korea wants to become a global hub for yuan-related business. The yuan began trading at KRW180.30 and finished at KRW180.77, central bank data showed. Until now, the exchange rate had been quoted as a calculated cross-rate from each currency’s value against the dollar. Following Russia and Japan, Korea is just the third country to host direct trading of the yuan against its own currency.
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