ID :
209878
Wed, 09/28/2011 - 09:04
Auther :
Shortlink :
https://oananews.org//node/209878
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S. Korean consulate general in HK holds seminar on yuan
By Kim Young-gyo
HONG KONG, Sept. 28 (Yonhap) -- The South Korean consulate general in Hong Kong held a seminar Wednesday on the internationalization of the Chinese currency as the status of Hong Kong as an offshore yuan hub grows.
The Chinese government, in a bid to boost the internationalization of the yuan, has been moving to develop an offshore center in Hong Kong for trading yuan products so that the currency may be circulated freely outside of mainland China via Hong Kong.
"I believe the gradual increase of the use of the yuan between Korea and China contributes to strengthening the strategic cooperative partnership," said Jun Ok-hyun, South Korean consul general in Hong Kong, in an opening speech of the event.
"The bilateral trade between Korea and China, which surpassed US$180 billion in 2010 and is growing with a target of reaching US$300 billion in 2015, clearly indicates that the two countries have a huge potential for cooperation in the course of yuan internationalization."
Jun stressed that South Korea was the first country to sign a yuan-based currency swap agreement with China following the global finance crisis in 2008.
The event was the first of its kind to assemble prominent financial specialists, analysts and business leaders from China, Hong Kong and South Korea. It was sponsored by the Bank of China (Hong Kong), the only authorized clearing bank for the offshore yuan.
Gao Yingxin, executive director and deputy CEO of Bank of China (Hong Kong), welcomed the opportunity to share insights into the progress and growth of the yuan as an international currency.
"The Republic of Korea is one of the most important trading partners for Hong Kong as well as mainland China," Gao said, referring to the official name of South Korea.
"Understanding the yuan will help Korea's leaders to better leverage the changing landscape in the financial environment."
According to the People's Bank of China, the central bank, the China's yuan settlement in cross-border trade surged to 957.57 billion yuan ($149.62 billion) in the first half of 2011, 13.3 times more than that for the same period last year.
To facilitate the yuan's internationalization, the Chinese government extended the use of the yuan for trade settlements to all parts of the country from 20 regions.
The government also plans to allow cross-border direct investment in the yuan, allowing foreign investors to make direct investments in China with the Chinese currency legally obtained overseas.
HONG KONG, Sept. 28 (Yonhap) -- The South Korean consulate general in Hong Kong held a seminar Wednesday on the internationalization of the Chinese currency as the status of Hong Kong as an offshore yuan hub grows.
The Chinese government, in a bid to boost the internationalization of the yuan, has been moving to develop an offshore center in Hong Kong for trading yuan products so that the currency may be circulated freely outside of mainland China via Hong Kong.
"I believe the gradual increase of the use of the yuan between Korea and China contributes to strengthening the strategic cooperative partnership," said Jun Ok-hyun, South Korean consul general in Hong Kong, in an opening speech of the event.
"The bilateral trade between Korea and China, which surpassed US$180 billion in 2010 and is growing with a target of reaching US$300 billion in 2015, clearly indicates that the two countries have a huge potential for cooperation in the course of yuan internationalization."
Jun stressed that South Korea was the first country to sign a yuan-based currency swap agreement with China following the global finance crisis in 2008.
The event was the first of its kind to assemble prominent financial specialists, analysts and business leaders from China, Hong Kong and South Korea. It was sponsored by the Bank of China (Hong Kong), the only authorized clearing bank for the offshore yuan.
Gao Yingxin, executive director and deputy CEO of Bank of China (Hong Kong), welcomed the opportunity to share insights into the progress and growth of the yuan as an international currency.
"The Republic of Korea is one of the most important trading partners for Hong Kong as well as mainland China," Gao said, referring to the official name of South Korea.
"Understanding the yuan will help Korea's leaders to better leverage the changing landscape in the financial environment."
According to the People's Bank of China, the central bank, the China's yuan settlement in cross-border trade surged to 957.57 billion yuan ($149.62 billion) in the first half of 2011, 13.3 times more than that for the same period last year.
To facilitate the yuan's internationalization, the Chinese government extended the use of the yuan for trade settlements to all parts of the country from 20 regions.
The government also plans to allow cross-border direct investment in the yuan, allowing foreign investors to make direct investments in China with the Chinese currency legally obtained overseas.
