South Korea finance minister says yuan-won market in Shanghai to be established in June

[SEOUL] South Korean Finance Minister Yoo Il-ho said on Wednesday the direct yuan-won market planned for Shanghai is to be established in June.

"Following the opening of a yuan-won market in December 2014 in Seoul, we are planning to establish a market for direct yuan-won trade in China where companies will be able to increase trade payments in both currencies and reduce exchange rate related risks," Mr Yoo said in opening remarks at a meeting in Seoul to boost exchanges with China.

Previously, the finance ministry had said the market would be opened within the first half of the year, but gave no other details.

Mr Yoo added that a meeting of South Korea's and China's finance ministers will be held on May 27 in Seoul. The last such meeting was held in January last year.

REUTERS