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BOC Joins Hands with KRX and KSD to Promote the Development of RMB Market in South Korea


2014-07-05

On July 4, BOC entered into a comprehensive strategic cooperation MOU with Korea Exchange (KRX) and Korea Securities Depository (KSD) respectively, under which they will carry out all-round cooperation in RMB clearing, settlement, R&D and promotion of RMB-related financial products, and sharing of client resources, and jointly promote the development of a local RMB market. Chairman of BOC Tian Guoli, Chairman of KRX Kyoungsoo Choi, and Chairman of KSD Jaehoon Yoo and other representatives of financial institutions from both countries attended the signing ceremony.

KRX is a world-leading stock exchange and the only bourse in South Korea, and came into being through the merger of the former Korea Stock Exchange, Korea Futures Exchange and the local growth enterprise market. Its business scope includes stocks, bonds, derivatives, indices, funds, warrants, data services, IT platforms, and other types of financial products and services. KRX ranks first in the world by trading volume of derivatives and the KOSDAQ market is a world-famous market, only second to NASDAQ in the US.

Chairman of KRX Kyoungsoo Choi expressed that the sustained and rapid development of the Chinese economy and the marked acceleration of the RMB internationalization process have paved the way for deeper cooperation between the financial communities of both countries. As a financial exchange with standardized operations, highly internationalized levels and great international influence, KRX looks forward to expanding the market of RMB-related financial products and providing investors with more diversified financial products and premium services, through the cooperation with BOC.

KSD is the only central securities depository and clearing institution in South Korea. As a core part of the Korean capital market, KSD is committed to providing a stable and efficient financial investment infrastructure for all the market participants, and also responsible for promoting the development of the financial industry, especially the capital market. In his address at the signing ceremony, Chairman of KSD Jaehoon Yoo pointed out that establishing comprehensive cooperation with BOC in RMB clearing/settlement, development of financial products and sharing of clients will favorably facilitate the development of the Korean capital market.

Chairman of BOC Tian Guoli said that the ties between China and South Korea are closer now than in any other time; the scope of cooperation between the two nations will expand further and the prospect of bilateral financial cooperation be more promising. With the advancement of RMB internationalization, RMB is now widely used in trade, capital settlement and remittances between the two countries, has become the second most widely used foreign currency in South Korea, and been increasingly accepted by local financial institutions and businesses. The comprehensive cooperation between BOC, KRX and KSD this time has followed the trends of all-round cooperation between the two countries and RMB internationalization, and will expedite bilateral trade and investment between Chinese and Korean enterprises, and promote the construction and development of an offshore RMB market in South Korea.

As the most internationalized and diversified multinational financial group in China, BOC set up the first overseas institution of the Chinese financial industry in South Korea on the date the two countries established diplomatic relations in 1992. Over more than two decades of development, Bank of China Seoul Branch has become a leading foreign bank and a leader in RMB business in the South Korean market.

BOC now boasts the largest-scale cross-border RMB business worldwide and the strongest professional capability in this area. At present, the Bank has formed relatively sound RMB product lines ranging from deposits, loans to settlement, investment and trading, and established a safe and efficient global RMB payment and clearing network and expressway with sound risk controls with two hubs based in Hong Kong and Shanghai. It is now an RMB clearing bank in Hong Kong, Macau, Taiwan, Malaysia, Germany, Australia, and other countries and regions. So far, BOC has opened over 1,100 clearing accounts for its global peers and over 1.7 million RMB accounts for enterprises and individuals, and maintained the largest global market share by cross-border RMB clearing volume.

 

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