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S. Korea becomes eighth biggest yuan user
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SOUTH Korea became the eighth biggest user of the yuan in June as almost 70 percent of direct payments between the two countries were in the Chinese currency, a private report showed.
During the 12 months ended June 30, South Korea’s yuan payments value soared 563 percent, making it eighth in the world for yuan payments, excluding China’s mainland and Hong Kong, Brussels-based Society for Worldwide Interbank Financial Telecommunication (SWIFT) said in a report today.
Last month, 69 percent of direct payments between the two countries were in yuan up from 33 percent a year ago.
“We have been monitoring the use of the yuan in South Korea for a while, observing its fast growth over the past two years, particularly as more banks and businesses are using yuan in international transactions,” Michael Moon, head of payments at SWIFT for Asia Pacific, said in the report.
“South Korea’s yuan payments growth is increasingly driven by customer payments, which are a good proxy for trade settlement. The announcement by South Korea and China in early July to set up a new yuan clearing center in Seoul will further benefit trade between the two countries. This agreement establishes South Korea as an important offshore yuan clearing center in north Asia,” Moon added.
Overall, the yuan was the seventh most active currency for global payments, accounting for 1.55 percent of payments worldwide.
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