Chinese yuan-linked financial products rise in S Korea
Updated: 2014-11-20 15:45
(Xinhua)
|
|||||||||
SEOUL - The Chinese yuan-linked financial products rose in South Korea ahead of the launch of a market where currencies of the two countries would be traded directly and the implementation of a bilateral free trade agreement (FTA).
Shinhan Bank, one of South Korea's four leading banks, said Thursday that it rolled out the yuan deposit product, named China Plus Time Deposit. It has five maturities, including one month and a year, and the deposit rate was set at 3.15 percent.
Hana Bank and Korea Exchange Bank launched a joint yuan deposit product with a maturity of six months and a year earlier this month. The deposit rate was more than 3 percent.
The yuan deposit rate almost doubled the rate of the South Korean won-denominated deposits offered by local banks. The won deposit rate stays at a mid- to upper-bound of 1 percent.
The rise in yuan-related financial products came as the two countries are expected to implement the bilateral FTA next year. South Korea plans to launch the direct trading market between the yuan and the won within this year.
A South Korean news media reported that the financial regulator plans to increase the portion of yuan settlement in trade with China to 20 percent in the long term.
In 2013, South Korea and China traded $228.8 billion of goods and services, among which 1.2 percent was settled with the Chinese yuan.
- Love conquers leprosy in Luduo village
- Life of a stone carver
- Peek into the life of Puju performer
- Top 10 most powerful businesswomen in China
- Smog stages Beijing comeback following APEC week
- Peng visits school for girls in Sydney
- Ancient temple prepares for ritual
- Top 7 Chinese Internet brands in 2014
Most Viewed
Editor's Picks
World Internet Conference |
Drug abuse blamed for big increase in violence |
A commuter's last train |
Stock Connect unites HK, Shanghai |
Air force plans to modify pilot selection process |
Koalas steal the show at G20 in Brisbane |
Today's Top News
UN official lauds China's steps on carbon emissions
Man expected in court over deadly subway shove
Jack Ma shares his wisdom at the WIC
Cyber terrorism sparks Internet debate
Expert: US' misconception hinders co-op
Editorial: Mob politics rocks HK
APEC a win-win for US, China
Nations join hands for Antarctic study
US Weekly
Geared to go |
The place to be |