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South Korea will begin a direct exchange of currencies with China

South Korea will begin a direct exchange of RMB and won in December and will take a series of measures to create an international hub in the country for business growth in RMB, IA RUSKOR reports.

South Korea will become the third country outside of China, which established a direct exchange of RMB and its currency after Russia and Japan.

In Seoul, they hope that this measure will help turn the country into an international center for a business denominated in yuan.

South Korea said it is considering increasing the share of yuan-denominated assets in its foreign exchange reserves, selling bonds in yuan overseas and increasing investment in China. 

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