A worker counts Chinese currency Renminbi banknotes at a bank in Tancheng County of Linyi City, east China's Shandong Province, April 11, 2013. The Chinese currency Renminbi gained 103 basis points to 6.1980 against the U.S. dollar on Wednesday, according to the China Foreign Exchange Trading System. [Photo: Xinhua/Zhang Chunlei]
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South Korean authorities have announced plans to establish a Renminbi offshore trading center in Seoul.
China is the largest market for South Korean exports, with trade volume between the two countries reaching 275-billion U.S. dollars this past year.
However, transactions settled in the Renminbi accounted for barely one percent of the total.
Kim Woong-ryeol is the deputy director of Woori Bank's Exchange Department.
"South Korea's striking characteristics and advantages lie in its close trade relations with China. We could meet demands in settlement arising from personnel exchange, commercial investment and financial cooperation."
Renminbi settlement is expected to help South Korean companies further tap into the Chinese market, as it should help cut their currency exchange fees.
Nan Guanghe heads the Bank of Communication's Seoul Branch.
"South Korean companies and people are paying ever greater attention to and becoming more fond of Renminbi. Chinese financial institutions based in South Korea, including our bank, offer various financial services like RMB deposits, loans, settlement, remittance and RMB bond purchases."
All of China's big banks have established branches in South Korea offering trade settlement services.
Authorities expect trade settlement in the Renminbi to exceed 70-percent over the next decade.