Seoul: The South Korean central bank announced its selection of twelve market makers for direct trading between the South Korean won and the Chinese yuan for the year 2026. The selection includes seven local banks and five foreign banks with branches in South Korea.

According to Yonhap News Agency, the seven local banks chosen are KB Kookmin Bank, NH Nonghyup Bank, Shinhan Bank, Woori Bank, Industrial Bank of Korea, Hana Bank, and Korea Development Bank. The five foreign market makers selected are China Construction Bank Corp., Bank of Communications Co., Ltd., Industrial and Commercial Bank of China Ltd., Bank of China Ltd., and HSBC Holdings PLC.

The Bank of Korea (BOK) updates the list of participating banks each year to facilitate direct won-yuan trading without the need to convert through the U.S. dollar. The designated banks are expected to play a crucial role by providing liquidity to the market.

The BOK highlighted the significance of the market-maker system in establishing the won-yuan direct trading market. It is anticipated to further develop the market and enhance the use of the yuan in transactions.