HSBC has executed Korea’s first direct foreign exchange transaction between renminbi and the won where payment has been settled through Bank of Communications Seoul branch, the renminbi clearing bank in Korea. A Korean trading company has purchased the Chinese currency against the won with a settlement date of October 30 2014.

 

Peter Kim, head of markets for Korea at HSBC, said, “We are pleased to become the first bank in Korea to provide renminbi FX with payment services to a local corporate client through the renminbi clearing bank. We believe this landmark deal will contribute to accelerating the process of renminbi internationalization in Korea."