OREANDA-NEWS. July 16, 2014. The People’s Bank of China and Bank of Korea signed a MOU on Establishing RMB Clearing Arrangements in Seoul. Afterwards, a RMB clearing bank will be designated by the People’s Bank of China.

The People’s Bank of China and Bank of Korea agreed to coordinate and cooperate on supervision and oversight of the RMB business, information exchange, and assessment and improvement of the system.

The establishment of RMB clearing arrangements in Seoul will promote the use of RMB in cross-border transactions by enterprises and financial institutions in China and Korea, and further facilitate bilateral trade and investment liberalization.