OREANDA-NEWS. China Foreign Exchange Trading System & National Interbank Funding Center (CFETS) has recently launched direct listing trading between RMB and KRW. ICBC obtained the qualification as a market maker of the first RMB-KRW direct trading and concluded the first yuan-won spot transaction upon market opening.

As Sino-Korea economic and trade ties and cultural exchanges deepen, RMB is increasingly used and accepted by local financial institutions, enterprises and individuals in South Korea in financial activities such as trade, investment, settlement and wealth management. The RMB-KRW direct trading can not only reduce exchange cost, simplify procedure, boost Sino-Korea bilateral trade and investment, but also further drive RMB’s internationalization.

Market makers of interbank foreign exchange market refer to market participants approved by SAFE to constantly offer market members with deal prices and provide market fluidity through purchase and sale. In the past few years, ICBC has actively developed foreign exchange market maker transactions based on customer's needs, obtaining market maker qualifications for all direct-trading currencies in the interbank foreign exchange market and leading the market in terms of transaction value. Currently, ICBC can provide quotations of 11 direct trading currencies including euro, yen, pound, AUD, NZD, SGD, SF, Rouble, Ringgit, South African Rand and Korean won with a full range of business covering spot, future and swap.