SEOUL, June 18 South Korea aims to launch
trading of the yuan/won pair this year, a senior government
official said on Wednesday, which will likely boost trade with
China while helping Seoul prepare for the yuan's emergence as a
major currency in the future.
"We hope that (the direct trading of the pair) will
contribute to increasing trade and investment," Choi Hee-nam,
head of the finance ministry's international finance bureau,
said by telephone. "We are making preparation with the aim of
beginning it within this year."
Bilateral trade between the two neighbouring countries has
soared to $229 billion by 2013 from just $6 billion in 1992,
when they established full diplomatic relations, but more than
99 percent of the deals are paid in the U.S. dollar, he said.
Both the yuan and won are not fully
convertible globally and companies use the dollar as the main
currency in doing business with each other.
(Reporting by Choonsik Yoo; Editing by Jacqueline Wong)