RPT-China names BoCom as yuan clearing bank in S.korea

Fri Jul 4, 2014 3:49am EDT

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BEIJING, July 4 (Reuters) - Central banks in China and South Korea said on Friday that Bank of Communications , China's fifth biggest lender, had been designated as the yuan clearing bank in South Korea.

Leaders of China and South Korea agreed on Thursday on a series of steps aimed at spurring offshore use of the yuan and investment in Chinese capital markets, Seoul's finance ministry and central bank said. (Reporting by Kevin Yao; Editing by Kim Coghill)